Legal Question in Real Estate Law in Ohio

change in a contract

I'm closing on a home, the scheduled closing was on 15sep. some confusion with home owners insurance on our part postponed the closing until the 17 of sep. . The seller now wants us to relieve them of 400.00 dollars agreed to in the final contract for home repairs. can they force us to dismiss the contractual money?


Asked on 9/16/03, 6:01 pm

1 Answer from Attorneys

Re: change in a contract

It sounds like technically you have breached the contract by failing to perform (close) on closing date and the cause of the breach was on the Buyer's side. The Seller's remedy is to sue for specific performance (make you buy the house)and/or actual damages. If they are willing to allow you to close on the 17th under the prior contract then all contract terms remain the same since they are waiving the breach. However, in negotiating whether they will allow you to close on the 17th or treat it as a breach, you may have to give up some concessions like part of the $400...While legally they can't force you to release the $400 for repairs, you have to weigh what damages they could sue you for and is it better to give up some of the $400.

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Answered on 9/16/03, 7:45 pm


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