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A real estate contract states that if financing can not be…

A real estate contract...

A real estate contract states that if financing can not be obtained within the stated time frame, the contract is null and void. If financing can be obtained at a future date, can this contact be reinstated? If so, how?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Ohio.

Lawyer's Assistant: Has any paperwork been filed?

A contract has been signed by the Buyer & Seller. the problem is the financing fell through after the loan approval deadline.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No, it really looks like standard contract law to me.

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Answered in 5 minutes by:
11/14/2017
Gerald-Esquire
Category: Real Estate Law
Satisfied Customers: 5,353
Experience: Over 30 years of experience
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

Financing is an essential part of a real estate contract. Almost all real estate contracts contain a condition that fiancing must be obtained by a specified date. If not the contact is voided (as yours states).

BUT the parties can agree to extend the time by entering into an Amendment. So if it looks like the fiancing will come through and the seller is willing to wait an extension is routinely done.

Even if an extension is not done the deal can still be save. While the contract can not be reinstated, if both parties are willing a new contract can be entered into.

In either case (extension or new contract) a new written document must be prepared to record the parties agreement.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

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Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

Gerald-Esquire
Category: Real Estate Law
Satisfied Customers: 5,353
Experience: Over 30 years of experience
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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