Friday, July 17, 2009

What to Do?


Dear Owner of an Older Home in Glendale in This Falling or Unstable Market:

Having recently gone through the process of selling our Victorian 885 Greenville Avenue, home, which took three years and dealing, as one must, with the Cincinnati Board of Realtors, Inc. Contract to Purchase, I, a lawyer, am of the opinion that there is an 80% chance that you, as the seller of an old Victorian house, will not ever have the satisfaction of a binding contract (until buyer’s money is in your account) because of the Contract to Purchase’s various failures, such as a failure to define “material defect.”

This failure gives the buyer a free option on the property during the stipulated period before closing because of another flaw, this time in the Contract to Purchase “buyer deposit” provision.
What is the solution for this? There is none, most knowledgeable lawyers will tell you.

But stay tuned.



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