Contracts
Which party in a Virginia real estate contract typically has the right to specific performance if the other party breaches?
AOnly the seller
BOnly the buyer
CEither party may seek specific performance since real estate is unique✓ Correct
DOnly the party who paid the earnest money
Explanation
Because real estate is considered unique, either the buyer or seller may seek specific performance (a court order compelling completion of the sale) as a remedy for breach of a real estate contract in Virginia.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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