Legal Question in Real Estate Law in Ohio

purchase contract

I signed a Purchase agreement with an inspection contingency. The inspection revealed a cracked foundation that had an estimate of 5000 dollars to fix. There was also an addendum to the original contract. I put 500 dollars in earnest money down but now I have decided to not go through with the deal. Am I still legally bound to this contract despite the changes and should I receive my earnest money back?


Asked on 7/27/07, 10:39 am

1 Answer from Attorneys
Robert Rosplock Rosplock & Perez

Re: purchase contract

You refer to an addendum, but did not indicate what it provides. Unless the addendum removes the inspection contingency, and you called off the sale within the time provided, you are entitled to the return of the earnest money. Your contractual obligations terminated upon proper cancellation.

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Answered on 7/27/07, 11:04 am


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