Q: I have signed a purchase offer approved by the seller ("under contract"). What are my liabilities beyond losing earnest?
A: It all depends how the contract is worded. Standard contracts state you just lose your earnest money deposit if you breach the contract but you may even be able to get that back through a loophole an attorney could find for you. I would speak to an attorney and bring the contract.
A:
Your liabilities are pretty much exactly what it says in your contract. Contrary to popular belief, they are not all the same, and the Virginia courts will pretty much interpret them as you signed it and not as your realtor told you that you thought it was. Read it, or retain counsel to help you read it.
But, many of the purchase and sale agreements have clauses limiting liability to the earnest money deposit. Some have clauses in which you pay attorneys fees and brokerage fees. If you don't understand what you signed, you need a lawyer. Often, you can get the equivalent legal services much cheaper by selecting a lawyer rather than a non-lawyer title company to perform your closing. By law, that selection belongs to you, and you can often change it even if your seller or realtor guided you to their preferred title company in the contract.
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