Cancelling Contract After Conveyance Date OH

[SGeorge952]

What is the name of your state? Ohio

I agreed to sell my home in an acution. The selling price was way below market. The purchase contract has a Conveyance section which says:
Sellers shall convey the premises by general warranty deed or fiduciary deed, if appropriate, free of dower, liens or encumbrances, except as specified herin, and the entire transaction shall be completed on or before Nov. 19, 2005 Seller shall be responsible for the payment of the conveyance fee (transfer tax) with respect to the premises herin and Buyer shall pay all recording fees relative to thte deed transfer herin.

Under default it states that if byrer fails to make settlement as herin provided, the sums paid on account may be retained by Seller, either on account of the purchase money, or as liquidated damaes in compensation for the damages and expenses Seller has been put to in this behalf, as seller shall elect, and in the latter case of recinssion of this agreement that shall be deemed to take place automatically and this agreement shall become null and void, or Seller may resort to any other action or remedyin law or equitythat may be appropriate. Liquidated damages shall not exceed 15% of the total purchase price.

Closing was set for before the 19th but the buyer cancelled it. I cancelled the contract on the 21st. The auctioneer wants his money (which would be covered by the 15%) the seller wants to close or get all of her money back. She has told the auctioneer that her attorney says that she's entitled to all of her money back because the contract does not say "time is of the essence". Is she entitled to all of her money back? What exactly is the point of the conveyance date if it is not the date that she needed to close?

Thank you

[HomeGuru]

Originally Posted by SGeorge952

What is the name of your state? Ohio

I agreed to sell my home in an acution. The selling price was way below market. The purchase contract has a Conveyance section which says:
Sellers shall convey the premises by general warranty deed or fiduciary deed, if appropriate, free of dower, liens or encumbrances, except as specified herin, and the entire transaction shall be completed on or before Nov. 19, 2005 Seller shall be responsible for the payment of the conveyance fee (transfer tax) with respect to the premises herin and Buyer shall pay all recording fees relative to thte deed transfer herin.

Under default it states that if byrer fails to make settlement as herin provided, the sums paid on account may be retained by Seller, either on account of the purchase money, or as liquidated damaes in compensation for the damages and expenses Seller has been put to in this behalf, as seller shall elect, and in the latter case of recinssion of this agreement that shall be deemed to take place automatically and this agreement shall become null and void, or Seller may resort to any other action or remedyin law or equitythat may be appropriate. Liquidated damages shall not exceed 15% of the total purchase price.

Closing was set for before the 19th but the buyer cancelled it. I cancelled the contract on the 21st. The auctioneer wants his money (which would be covered by the 15%) the seller wants to close or get all of her money back. She has told the auctioneer that her attorney says that she's entitled to all of her money back because the contract does not say "time is of the essence". Is she entitled to all of her money back? What exactly is the point of the conveyance date if it is not the date that she needed to close?

Thank you

**A: there is more to this, hire your own attorney.

[SGeorge952]

Thank you, we are meeting with an attorney tomorrow morning.

[HomeGuru]

ok, good luck.