Richmond, VA asked in Real Estate Law for Virginia

Q: I have put in an offer on a home and it was accepted. But now I have changed my mind.

We just had the home inspection done and while the amount of repairs is prob around $8000 I don’t feel as though this is financially viable anymore. What are my rights? How can I get out of this? I know I can submit repair requests and the owner can counter. But if she doesn’t agree to 100 percent of my repairs can I cancel the contract? With the down payment, the repairs and all of the other things needed I think this house was a bit of an overstretch. My husband says it would be a legal nightmare to get out of this but we are in the contingency period so surely not? We wouldn’t have to pay our real estate agent 3 percent would we? We are in Virginia.

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1 Lawyer Answer

A: You need a lawyer to read the contract NOW. It really does matter what it says and how you handle it. Many Virginia lawyers offer remote consults by Zoom, especially during the Covid-19 lockdown.

William Bray agrees with this answer

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