We gave a builder 1,000 to hold a lot in Summit County, Ohio. He signed a purchase agreement with the owner of the lot and we just learned he will close on the lot on Friday. He was supposed to provide us with a cost sheet showing what was included in the home we want to build but the only sheet he has provided only shows his standard options and none of the options we asked for. The only document we have signed is one that states that an additional 2,500 we gave him was to pay for redrawing blueprints, stating that it would be included with the signed cost sheet (which we have not signed as it does not include the specs we asked for) to create a legally binding contract. Are we legally bound to him for the lot purchase?
Answered on: 5/06/13, 6:54 am by Nancy Fioritto Patete
Keep in mind that binding contracts depend upon their terms, whether they are in writing or oral. Real estate contracts need to be written, and both parties need to conform to the terms. Both parties have to agree. And both parties have to have a clear understanding of what they are agreeing to, or at least an opportunity to have that understanding. When this doesn't happen the contract is no longer considered binding. But there are exceptions to this. With this in mind, it is difficult to say whether you have a legally binding contract. In your case, I suggest you consult with an attorney.
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Nancy Fioritto Patete, Esq. PO Box 24387 Mayfield Heights, OH 44124► Other answers from this attorney