Chelsea, an Ohio buyer, submits an offer with a $1,000 earnest money deposit. The seller counteroffers requesting $5,000 in earnest money. Chelsea agrees to the higher amount. Under Ohio practice, when must Chelsea provide the additional $4,000?
Correct Answer
D) Within 2 banking days of accepting the counteroffer, or as specified in the counteroffer terms
When the counteroffer specifies a higher earnest money amount, the additional deposit is typically due within 2 banking days of acceptance or as specified in the counteroffer terms. The specific timing depends on the contract language.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
More Oh Specific Contracts Forms Questions
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- → 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?
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