Legal Question in Real Estate Law in Ohio

I recently accepted an offer to sell our home, but now the buyer can't come up with the funds needed for the purchase. The contract has expired and the terms of the contract were not fulfilled but the buyer will not sign a release form. Other buyers will not make offers until the release is signed. What should I do?

Asked on 7/05/13, 10:33 am

1 Answer from Attorneys

J. Norman Stark J. Norman Stark , Attorney, Architect
0 users found helpful
0 attorneys agreed

Dear Seller: You have few options, depending upon the specific wording of the written,signed Offer and Acceptance document, which should provide for such events. It seems pointless to sue for fraudulent inducement, misrepresentation, breach of contract and demand for specific performance, since the Buyer could not obtain financing, which provision is probably stated in your Agreement as a condition to the Offer.

You really don't need a release, since the contract period (for purchase and closing) has already expired. Potential buyers, and their realtors should have no hesitation to make a written Offer for your Acceptance, as though the first Buyer never existed. Just keep the original documents, for your records, in the event Buyer No. 1 suddenly reappears, but has no valid contract to purchase, or to assert any expired contract rights.

Good luck.


J. Norman Stark, Attorney

(216) 531-5310 Ext. 22. .

Read more
Answered on 7/06/13, 5:41 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in Ohio

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Glen AshmanAshman Law OfficeAtlanta, GA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now