Property Management
Under the VRLTA, a landlord's failure to make essential repairs after proper written notice allows the tenant to:
AImmediately terminate the lease
BWithhold rent without consequence
CTerminate the lease or make repairs and deduct the cost from rent (within limits)✓ Correct
DFile a criminal complaint against the landlord
Explanation
Under VRLTA, if a landlord fails to make essential repairs after proper written notice and a reasonable time (typically 30 days), the tenant may terminate the rental agreement or, in certain circumstances, make the repairs and deduct the cost from rent up to the lesser of $1,500 or one month's rent.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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