By: Yonas & Phillabaum, LLC, Attorneys at Law
Disclosure: This does not constitute legal advice nor an attorney-client relationship and is subject to current Ohio law.
A real estate purchase contract constitutes a binding and enforceable agreement between the parties. This agreement cannot freely and unilaterally be terminated because, “you do not like the color of the house, the location of the property, or the neighbor’s dogs are barking too much.”
There are limited circumstances and proper procedures to follow generally outlined in the purchase contract where an agreement can be terminated.
The various contingencies in a purchase contract provide for fact specific situations when a party can terminate a real estate purchase contract. Some of these common contingencies include, but are not limited to:
The buyer is not approved for financing.
Certain issues are discovered upon inspection of the property.
HOA covenants and restrictions are not acceptable to the buyer.
Navigating all of your purchase contract terms can be difficult and confusing. Can you terminate the contract? Can you get your earnest money back? What are my risks and liabilities if I do?
If you have questions and want legal advice on your fact specific situation, give our Attorneys a call at (513) 427-6100.
