A Virginia real estate licensee is reviewing a residential purchase agreement with a client. Which of the following is NOT a recognized contingency that would allow a buyer to void a purchase agreement and recover earnest money in Virginia?
Correct Answer
D) A buyer's remorse contingency where the buyer simply changes their mind about the purchase
A 'buyer's remorse' contingency—where a buyer can cancel simply because they changed their mind—is NOT a recognized or enforceable contingency in Virginia purchase agreements. Standard Virginia purchase agreements do not include a general right to cancel without cause. Contingencies must be based on specific, objectively verifiable conditions (financing, inspection results, home sale, etc.). A buyer who cancels solely due to a change of heart without a valid contractual contingency is in default and risks forfeiting the earnest money.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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