Richmond, VA asked in Real Estate Law for Virginia

Q: buyer for my home, buying a condo, lender called my loan suspended due to covid, can buyers sue me if I can't move

I have a buyer for my home, Due to no fault of my own I cannot purchase my condo because of covid and lenders put halt on funds. This sale is contingent on the successful sale, close and disbursement of funds for the property. I don't know what my rights are?

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1 Lawyer Answer
Richard Sternberg
Richard Sternberg
  • Potomac, MD
  • Licensed in Virginia

A: This is a unique and unanticipated situation, and we are all struggling to determine the legal effects. The answer starts with reading your contract. There are no precedents that say: "If your sale is halted by Covid-19, the result is always ABC regardless of what your contract says." Nothing in the Bill of Rights (or any other declaration of rights) refers to Covid-19. The situation calls for a quick review of the contract followed by a negotiation with the other affected parties. Such negotiations are far more effective when conducted by professionals whose careers have been about conflict resolution and who personally have no stake in the result. Get a lawyer.

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