Legal Question in Real Estate Law in Ohio

Real Estate Purchase Agreement Problems

I entered a purchase agreement with a real estate agent to purchae his personal home. The closing date of May 1st was missed due to the appraisal which needed revising to be meet underwriter requirements of comparables. I sent the seller an addendum to extend closing date. He did not sign it stating it wasn't necessary as he was certain that the loan would close. As he is licensed real estate agent, I figured he would proceed ethically. The lender is now ready to close. When I called the seller to provide the closing date information, he informed me that his wife is no longer interested in selling. In addition, he state that since the agreed closing date in the original contract had passed he was entitled to keep the $5000 paid as escrow. I still want to purchase the property or at least get my escrow funds back. In addition, I paid his past due property taxes in order to apply for rezoning and spent several thousand dollars on rezoning applications, etc. All of which he knew about and agreed to ... even signing the zoning applicaiton. What recourse do I have?


Asked on 5/24/07, 2:48 pm

1 Answer from Attorneys
Robert Rosplock Rosplock & Perez

Re: Real Estate Purchase Agreement Problems

This is another question which requires a review of your contract, and more facts, to answer. With all you have at stake, I suggest you contact an attorney immediately.

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Answered on 5/25/07, 8:46 am


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