Legal Question in Real Estate Law in Ohio

Is Buyer still must continue with purchase?

I am seller. We sign a contract with a couple to buy our house 40 days ago also signed a extension after 30 days were up .Time is up again we have done everything we have been asked to do. Contract is '' as is'' . Buyer put on contract already preapproved for loan. They deceide to apply some where else for lower interest rate and also has been preapproved and now is in under writing with 2nd company.Last extension time up, today. Is he obligated to sign another extension and continue with contract since he has not been turned down by any loan company, or can he walk? Also just in case his 2nd loan fails is he obligated to continue with the one he wrote in contract.Realtor said she has never had anyone write in a contract they were already preapproved.

If he walks at this point do we have a recourse ?


Asked on 3/23/07, 10:27 am

1 Answer from Attorneys
Robert Rosplock Rosplock & Perez

Re: Is Buyer still must continue with purchase?

What is the wording of the contract? if there is no financing contingency, or the buyer has gotten loan approval, they are probably in breach if they do not complete the purchase. The contract wording will determine the obligations, and recourse of both buyer and seller.

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Answered on 3/23/07, 1:25 pm


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