in ohio. can i get out of real estate contract as the buyer?

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in ohio. can i get out of real estate contract as the buyer?

thursday i put in offer to buy a house in ohio as a cash offer realtor calls me
and says offers accepted and we’re in contract. after some thought and talking to
previous owner and them telling me the house has issues and really needs torn
down i decided i no longer want to buy house. can i get out of contract?

Asked on August 30, 2019 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Once you enter into the contract to buy the home, you can only get out of it if:
1) The seller committed fraud, by not disclosing material (or imporant) issues known to him, such as flooding/water infiltration or the presence of asbestos, significant mold, or a buried oil tank; or lied about something important concerning the property, like claiming it was on public sewer when it has a septic system.
2) The seller violates the agreement in some material or important way, like not being able to convey good title.
3) There is some clause or provision in the contract itself which allows you to terminate it in under certain circumstances, and you comply 100% with any requirements of that clause or provision.
Otherwise, you have to go through with the transaction. 


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