Q: Can Unison determine the dollar amount for their end agreement when a property is sold?

A: A sale of real property in Virginia must be in writing to be enforceable. Both the seller's and the buyer's rights and responsibilities are determined by reference to the written contract. The standard Realtor/Multiple Listing Service contract in Virginia includes provisions dealing with financiing and appraisals. The parties have a choice to make the contract contingent upon financing or not, and contingent upon an appraisal equal to or greater than the sales price stated in the contract. Often, the purchase wants the contract to be contingent upon obtaining financing and contingent upon the property appraising for the sales price. The purchaser could waive any rights such as contingencies by entering into a signed written addedendum to the contract. With a waiver, the purchaser is obligated to purchase the property regardless of the availability of financing or the appraisal of the property. In such a case, the purchaser might be able to make up the difference or any deficiency by paying a greater amount of cash to the seller for the sale. If the purchase chooses not to waive the contingencies, then the seller or his or her agent must return the earnest money deposit to the purchaser; both parties and the agents sign a release, and the parties go their separate ways, relieved of their obligation to perform under the contract.

Anyone interested in their contractual rights and obligations with respect to the sale of real property should consult with an experienced Virginia lawyer.