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    soundra's Avatar
    soundra Posts: 2, Reputation: 1
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    #1

    Sep 29, 2007, 04:41 AM
    Is contract binding
    Have signed contract to purchase house. Have given earnest money. Have not had home inspection or received papers from lender yet. Am I legally bound to purchase house or can I back out. I live in Ohio
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Sep 29, 2007, 05:03 AM
    Well, you signed the contract, gave your money, assumed a mortgage (I think that's what you mean by 'receiving papers from lender'). So, yes, I guess you are legally bound.

    I guess you could put it up for sale again.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Sep 29, 2007, 05:13 AM
    It depends on the terms of the contract. If the contract says pending a home inspection or obtaining financing, they you may be able to back out if there are problems with the inspection or you don't get financing.

    But if you just back out now, you will probably lose your earnest money.

    READ your contract.
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #4

    Sep 29, 2007, 08:34 AM
    Mark j, how do you think I 'missed the entire question'. I actually re-iterated most of if it my post to the OP and gave my answer as 'yes legally bound' and 'I guess he would have to put it up for sale'.

    Now, do you want to explain your 'disagree' and maybe you can put your two cents worth in as well to the OP.

    ms. tickle
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #5

    Sep 29, 2007, 05:04 PM
    . tickle thinks that mark j. is a troll because his disagree sounds familiar to some other posts I have replied to.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #6

    Sep 29, 2007, 06:24 PM
    Don't know who mark is, but obvious he does not care to answer but don't like what others do. With that said, what are the terms of the contract, you are bound to every term, if it is pending a home inspection, then get the home inspection, if it passes, you are bound still, if there are major issues, and does not pass, you normally can get out because of that. You have to apply for a mortgage and so on,

    Since you are in a contact, get an attorney if you want out.
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