Legal Question in Real Estate Law in Virginia
Purchase Agreement
I signed a purchase agreement and paid a deposit to buy a home. I no longer want buy this home and the seller is saying that they have to keep my deposit. Legally, is there any way that I can retrieve my deposit?
Asked on 6/07/01, 3:13 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Purchase Agreement
Not unless there is a provision of the contract that allows it to be terminated and the deposit refunded under the circumstances of the case. This is precisely the purpose for requiring deposits. In fact, you may be liable for more than just the deposit that they kept, as it looks like you are in breach of a binding contract.
Answered on 6/28/01, 6:52 pm
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