I have come upon a situation where I need a third party legal opinion - especially a Virginia one. I very much appreciate any help you can give.
I am trying to buy a commercial property in Fredericksburg Virginia that is for my business. My attorney is in Maryland. I had them draw up the contract and they put in a survival clause. Originally, it included everything to survive to the statute of limitations, but it has been toned down to:
Survival of Closing. All warranties, covenants and representations made herein
by Seller shall survive Closing and delivery of the Deed by Seller for a period of one (1) year. To the extent any section hereof provides that the terms set forth therein shall survive Closing without setting forth any time limitations, such provision shall survive Closing subject to the applicable statute of limitations.
The seller and their agent say that these survival clauses just never happen in VA, or at least never make it past negotiations. My Maryland attorney has his heels dug in.
Any help here? Thanks in advance for any insights.