Legal Question in Real Estate Law in Ohio

Must I Accept Offer on my Home?

In a nutshell...Contract with realtor ends 11/30. I received a lowball offer on my home over 3 weeks ago, which I refused. No further negotiations with the individual's realtor who presented the offer. I decided to rent my home to a family. All arrangements for the family to move in has been completed and I wasjust about to inform my realtor when I get a call from her stating the individual with the lowball offer has come back with a full asking price offer contingent on financing. The buyer's realtor states that I am bound to accept her client's offer because it is at full asking price and that if I don't accept it, I can be liable to pay her 3% commission for refusing it. Question #1: Am I bound to accept this full price offer? If not, would I be legally permitted to take my home off the market before my realty contract expires?


Asked on 11/18/08, 7:14 pm

1 Answer from Attorneys
J. Norman Stark J. Norman Stark , Attorney, Architect

Re: Must I Accept Offer on my Home?

Dear Inquirer: The terms of your written listing agreement will govern your contractual obligation. However, if you notified your realtor of your intention to take the home off the active market and rent it, may relieve you of that obligation. It's an "iffy" question, but you'd best consult an experienced real estate Attorney ASAP. Good luck! Sincerely, J. Norman Stark

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Answered on 11/19/08, 5:57 am


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