Full question:
My daughter's offer to purchase a bank-owned house for all cash was accepted and the title company has her deposit. She provided the requested proof of funds, but at the last minute the bank requested a different form of proof of funds. She provided this within minutes, and well before the stated deadline. But the bank put the house back on the market and now will not respond to her or her real estate agent. What kind of lien can she file to preserve her claim to this property? She stands ready, willing and able to fully perform.
- Category: Real Property
- Subcategory: Sales
- Date:
- State: Ohio
Answer:
A legal action for breach of contract occurs when one party fails to meet the contract terms, causing the other party to suffer a loss. This type of lawsuit is civil, aiming to compensate the injured party rather than punish the breaching party. Common remedies for breach of contract include:
- Money damages: Compensation for financial losses.
- Restitution: Returning benefits to the injured party.
- Rescission: Canceling the contract.
- Reformation: Modifying the contract terms.
- Specific performance: Requiring the breaching party to fulfill their contractual obligations.
If your daughter’s offer was accepted, a contract was formed. Acceptance means agreeing to the offer's terms, which can be done in various ways, as long as the offeree knows about the offer and clearly intends to accept. If the bank's acceptance is confirmed, she may pursue a breach of contract action. If successful, she could potentially file a lien on the property if a judgment is awarded and remains unpaid.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.