Legal Question in Real Estate Law in Virginia

earnest money

I recently paid $500 earnest money and signed papers indicating interest in a house in Portsmouth, Virginia. After I signed those papers I learned that this area of Portsmouth is the worst for crime and drugs. There is a housing project just around the corner from where the house is located that is the focus of a lot of this crime. There have been shootings there. I am very concerned that, with the many times that I leave my home in the dark and return in the dark, I could end up assaulted. In addition, I just learned that the pipes in the house have a high likelihood of having asbestos insulation. I am deeply concerned about this too. My real estate agent claims she did not know the neighborhood was this dangerous and that I cannot back out of the deal at this point; that it will cost me a substantial amount of money. Is this true? The zip code of this house is 23704. Thank you for your help in this matter. I am very concerned.


Asked on 9/09/08, 5:41 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: earnest money

Read your contract, and see a lawyer. Is there an inspection contingency? If so, you may be able to back out if the inspection shows defects (like asbestos). It may also be that the contract includes a liquidated damages provision limiting the seller's remedies to retaining your deposit. There may be other solutions, but it all depends on the terms of the contract.

Read more
Answered on 9/09/08, 11:07 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Virginia