I’ve recently signed a purchase agreement for a townhome in Ohio, can I back out of the agreement without penalty?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
I’ve recently signed a purchase agreement for a townhome in Ohio, can I back out of the agreement without penalty?
I signed a real estate purchase agreement for a townhome property in downtown Cleveland less than 2 weeks ago, and for personal matters I’m looking to get out of the agreement and get back the 10 I’ve put down 44,000. Is there a time period within Ohio real estate law that I can get my entire deposit back without penalty? Or is there no time period, and I’m bound to the purchase agreement? Thanks
Asked on June 6, 2018 under Real Estate Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, there is no "cooling off" or "rescission" period in real estate purchase agreements: once you excecuted the contract, you are held to it. Also your personal matters are irrelevant to the contract: a contract binds both parties even if their personal circumstances change or they rethink the transaction. Based on what you write, you are bound to the agreement and cannot recover your deposit. You may be best off going through with the deal then selling the property, even if you take a slight loss in the process.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
No, there is no "cooling off" or "rescission" period in real estate purchase agreements: once you excecuted the contract, you are held to it. Also your personal matters are irrelevant to the contract: a contract binds both parties even if their personal circumstances change or they rethink the transaction. Based on what you write, you are bound to the agreement and cannot recover your deposit. You may be best off going through with the deal then selling the property, even if you take a slight loss in the process.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.