Miguel, a buyer in Cuyahoga County, Ohio, has a purchase agreement contingent on the sale of his current home within 45 days. On day 30, Miguel receives an offer on his current home, but it falls through on day 40 when the buyer's financing is denied. The 45-day deadline is approaching. Under Ohio practice, what should Miguel's agent advise?
Correct Answer
B) Miguel should request a written extension of the home sale contingency from the seller
Miguel's agent should advise requesting a written extension of the home sale contingency from the seller. If the seller agrees, a written addendum extending the deadline gives Miguel additional time to sell his current home. This is a common practice in Ohio when circumstances change during the contingency period.
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Related Topics & Key Terms
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Related Concepts
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
More Oh Specific Contracts Forms Questions
Jack, an Ohio buyer, has a purchase agreement with an inspection contingency. The home inspector discovers that the home has knob-and-tube wiring in the attic, which is still functioning. Jack's insurance company informs him that they will not insure the property unless the wiring is replaced. Under Ohio practice, what is Jack's best option?
Peter, an Ohio buyer, asks his agent about the difference between actual damages and liquidated damages. Under Ohio law, which statement correctly distinguishes the two?
Frank, an Ohio buyer, discovers that the seller's listing agent provided false information about the property's zoning. Frank suffered financial losses as a result. Under Ohio law, can Frank file a claim with the Ohio Real Estate Recovery Fund?
Lucy, an Ohio buyer, asks her agent about the statute of limitations for breach of a written real estate purchase agreement. Under Ohio law, how long does the buyer have to file a breach of contract lawsuit?
Megan, a first-time Ohio buyer, asks her agent what 'specific performance' means as a remedy for breach of contract. Under Ohio law, which description is correct?
- → Grace, a buyer in Ohio, wants to know the difference between rescission and breach of contract. Under Ohio law, what is rescission?
- → Allen, an Ohio buyer, believes the seller's agent made negligent misrepresentations about the property's condition during the sale. Under Ohio law, who may Allen pursue for damages?
- → Oliver, an Ohio buyer, wants to understand the concept of 'mutual rescission' in the context of his purchase agreement. Under Ohio law, what is mutual rescission?
- → Richard, an Ohio seller, breaches a purchase agreement. The buyer decides not to pursue the property but wants monetary compensation for expenses and losses. Under Ohio law, what type of remedy is the buyer seeking?
- → Tom, an Ohio buyer, refuses to close on a property after all contingencies have been satisfied and all deadlines have passed. Under Ohio contract law, what type of action has Tom committed?
- → Kevin, an Ohio buyer, discovers after closing that the seller fraudulently concealed a major foundation defect on the Residential Property Disclosure Form. Under Ohio law, what remedy can Kevin pursue?
- → Martha, an Ohio seller, provides a warranty deed to the buyer at closing. After closing, the buyer discovers an existing lien that was not disclosed. Under Ohio deed warranty law, what remedy does the buyer have?
- → Keith, an Ohio buyer, defaults on a purchase agreement. The seller does not have a liquidated damages clause in the contract. Under Ohio law, what must the seller prove to recover damages?
- → Jill, an Ohio buyer, wants to know whether punitive damages are available in a breach of contract case. Under Ohio law, which statement is correct?
- → Eva, an Ohio buyer, sues the seller for breach of the purchase agreement and wins a judgment of $25,000. The seller refuses to pay. Under Ohio law, what enforcement options does Eva have?
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Previous Question
Laura, a buyer in Ohio, has a purchase agreement with a standard appraisal contingency. Her lender orders an appraisal, and it comes in at the purchase price. Under Ohio practice, what happens to the appraisal contingency?
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An Ohio purchase agreement includes a contingency for the buyer to review and approve the condominium association's governing documents, financial statements, and reserve study within 5 days. On day 4, the buyer discovers the association has a pending special assessment of $5,000 per unit. Under Ohio practice, what can the buyer do?