Legal Question in Real Estate Law in Ohio
Contract to purchase real estate
What recourse does a seller have if a buyer signed a contract to purchase their home, with no contingencies in the contract, but does nothing to proceed under the terms of the contract. Basically buyer keeps putting off the closing by asksing for extensions. Is there any monetary damages that can be sought? What cause of action can be brought to enforce the contract
1 Answer from Attorneys
Re: Contract to purchase real estate
Dear House Seller(s): You may bring an action (file a lawsuit)for specific performance, i.e., to force the purchasers to move forward with the sale, transfer and recording, including payment through escrow.
If they haven't made application for a mortgage loan, you may have an added basis for damages and delay, particularly if the Offer and Purchase Agreement contain specific provisions as to this requirement.
You need not provide any further extensions of time, whether verbally or in writing.
However, it may be that your purchaser will find a loophole in the contract by stating they found certain defects or deficiencies which entitle them to cancel the sale.
I encourage you to seek the advice and assistance of an experienced real estate attorney. Good luck.
Sincerely, J. Norman Stark, Cleveland, Ohio.
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