[DOWNLOAD] "Virginia Real Estate Board V. Clay" by Virginia Court of Appeals # eBook PDF Kindle ePub Free

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eBook details

• Title: Virginia Real Estate Board V. Clay
• Author : Virginia Court of Appeals
• Release Date : January 26, 1989
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 63 KB

Description

Lowell D. Clay is a licensed real estate broker regularly conducting business in Pulaski County. In 1971, Clay acquired fifty-two acres of mountain land in Pulaski County. In 1982, he leased to Royal Resources Corporation the oil and gas rights in the property for ten years, subject to renewal for an indefinite term if the lessee maintained producing wells. The lease also granted exploration rights upon the property. In 1983, Elizabeth Southcott telephoned Clay about purchasing the fifty-two acres of mountain land, which once belonged to her family. Southcott offered him $16,500 for the property, which Clay accepted. Clay prepared a contract of sale dated October 13, 1983, on a standard form printed by the Virginia Association of Realtors in which Clay provided that the sale was "subject to [the buyer obtaining] financing" and that the "buyer understands that seller is a real estate agent." Neither the contract nor any other document from Clay disclosed to Southcott the existence or terms of the oil and gas lease. Southcott and Clay signed the contract, at which time she paid him $100 earnest money.

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