Robert and Linda have a ratified purchase agreement for a home in Virginia Beach. Three days before settlement, the seller informs the buyer's agent that he has received a higher offer and no longer wishes to sell. The buyer has fulfilled all contractual obligations and is ready to close. Which legal remedy is MOST appropriate for the buyer to pursue in Virginia?
Correct Answer
B) Sue for specific performance to compel the seller to complete the sale as agreed
When a seller breaches a ratified Virginia purchase agreement without legal justification, the buyer may sue for specific performance—a legal remedy that compels the breaching party to fulfill the terms of the contract. Because real property is considered unique, courts may grant specific performance in real estate cases. This is a recognized remedy in Virginia for seller breach.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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