I’ve recently signed a purchase agreement for a townhome in Ohio, can I back out of the agreement without penalty?

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I’ve recently signed a purchase agreement for a townhome in Ohio, can I back out of the agreement without penalty?

I signed a real estate purchase agreement for a townhome property in downtown Cleveland less than 2 weeks ago, and for personal matters I’m looking to get out of the agreement and get back the 10 I’ve put down 44,000. Is there a time period within Ohio real estate law that I can get my entire deposit back without penalty? Or is there no time period, and I’m bound to the purchase agreement? Thanks

Asked on June 6, 2018 under Real Estate Law, Ohio

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, there is no "cooling off" or "rescission" period in real estate purchase agreements: once you excecuted the contract, you are held to it. Also your personal matters are irrelevant to the contract: a contract binds both parties even if their personal circumstances change or they rethink the transaction. Based on what you write, you are bound to the agreement and cannot recover your deposit. You may be best off going through with the deal then selling the property, even if you take a slight loss in the process.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, there is no "cooling off" or "rescission" period in real estate purchase agreements: once you excecuted the contract, you are held to it. Also your personal matters are irrelevant to the contract: a contract binds both parties even if their personal circumstances change or they rethink the transaction. Based on what you write, you are bound to the agreement and cannot recover your deposit. You may be best off going through with the deal then selling the property, even if you take a slight loss in the process.


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