Land Sale Contract

Question 1

Does Virginia allow for a licensed relator to serve as a agent for both a buyer and seller ?

Answer 1

Yes- Dual Agency

Question 2

Land sale contracts are subject to the

Answer 2

SOF

Question 3

In Virgina, the standard to establish part performance of a land sale contract to satisfy SOF

Answer 3

1) Oral Contract was certain and definite in its terms

2) Acts provided in part performance refer to and result from, or were made in pursuance of the agreement

3) Agreement was so far executed that a refusal of full execution would operate a fraud upon party seeking performance and place him in a situation which does not lie in compensation

Question 4

Recession of modification of land sale contract

Answer 4

Virginia does not permit oral modifications or recession of a contract that is subject to SOF and is actually in writing

Question 5

In Virginia , the implied warranty of fitness only applies to

Answer 5

Newley constructed buildings

Question 6

The implied warranty of Fitness states that a dwelling is

Answer 6

1) Free from structural defects and would meet standard of trade; and

2) it is fit for habitation

Question 7

The implied warranty of fitness is permitted but

Answer 7

It must be specifically and conspicuously set forth on the face of the contract

Question 8

When a seller breaches the implied warranty of fitness

Answer 8

1) The buyer must give written notice of defect and seller has 6 months to cure defect

2) Buyer has 2 years to bring suit, which is tolled during the 6 month cure period

3) The warranty lasts one year from date of transfer

4) 5 year warranty with regards to the foundation of the dwelling

Question 9

For Condos ,the implied warranty of fitness

Answer 9

1) Warranty is 2 years
2) SOL is 5 years
3) Written notice and 6 month cure period is required

Question 10

In Virgina, the doctrine of merger

Answer 10

Applies only to the obligations in the contract for sale that relate to title or that are addressed in the deed

Question 11

Doctrine of equitable conversion

Answer 11

Doctrine of equitable conversion- seller keeps title during this period, but buyer bears risk of loss to the propertyVirgina still follows this

This is a default rule, and parties can contract to shift risk to seller/require seller to maintain insurance

Courts can use equitable jurisdiction to relax the rule and relive buyer when appropriate