Virginia Lawyer’s Weekly is reporting a fairly interesting breach of residential contract case between a buyer and seller that I thought I would share. The seller won a $155,000 judgment against the buyer, who walked away from the deal and refused to close. The seller’s large damage award was due to a precipitous drop in value realized on the re-sale and carrying costs. There isn’t anything particularly notable about the law in that, but reading between the lines it would appear that the buyer realized he had made a bad deal and went to a lawyer (or his agent) to try and get out of the contract (gosh, that never happens does it?). Clearly he was advised that he could use the POA disclosure (non-disclosure really) as an out and he canceled primarily on that basis (I guess they also claimed other outs that were to silly too discuss apparently). Read the case here for that discussion.
One lesson is that what you think might be a POA may not in fact be a POA so don’t blithely assume it to be so. Another lesson is this: I’ll look for the subsequent article, which is where that losing buyer sues his agent and lawyer for giving him bad advice. And you wonder why I (trepidly sometimes) say “I think the answer is this …. but you never know what will happen in court”?
A brief review by Real Estate Attorney Brian Lytle Esq. www.LytleLaw.com A general practice law firm located in Newport News, Virginia. From two office locations on the Virginia Peninsula we serve clients and try cases across the Commonwealth including the Peninsula, Newport News, Hampton, Williamsburg, James City and York County areas. Lytle Law has the experience and ability to satisfy nearly all of a client’s legal needs, and where we believe we need help we will either associate appropriate counsel or provide a referral.
Brian is the president of Lytle Title www.LytleTitle.com Lytle Title & Escrow, LLC a Virginia licensed, insured, and bonded real estate settlement company doing business as Lytle Title. With offices in Newport News and WIlliamsburg, Virginia, we primarily serve the Virginia Peninsula (Hampton, Newport News, York County, James City County and Williamsburg), but we also regularly serve surrounding areas, to include Suffolk, Isle of Wight, Gloucester and the greater Tidewater, Virginia area.
Copyright © 2008 Brian D. Lytle. Reprinted here with permission.
For further information about real estate in Williamsburg, James City, New Kent or York County Virginia contact:
John Womeldorf/ REALTOR
Liz Moore & Associates
757 254 8136
John@MrWilliamsburg.com email
www.MrWilliamsburg.com/ website
www.MrBurg.com website
www.MrHamptonroads.com/ website
www.MrTidewater.com/ website
www.MrVaBeach.com/ website
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CLICK HERE FOR Real Estate Home Search Tidewater Hampton Roads Va
My other area Real Estate and Information Blogs for Hampton Roads/ Tidewater/ Williamsburg Virignia and surrounding areas
Williamsburg Real Estate Blog II
Williamsburg Real Estate Blog
Williamsburg Happenings/ Events Blog
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