Contracts
An Ohio purchase contract provides for a 15-day 'due diligence period.' During this period, the buyer typically has the right to:
AOnly inspect the property
BInspect the property, review records, and potentially cancel the contract for any or specific reasons within the period✓ Correct
CLower their offer price without seller consent
DRemove all financing contingencies
Explanation
A due diligence period gives the buyer a defined window to investigate all aspects of the property — inspections, surveys, environmental assessments, permit records — and the right to cancel under the terms of the clause.
Related Ohio Contracts Questions
- What is an as-is contract vs. a standard purchase contract in Ohio?
- When is an offer considered accepted in an Ohio real estate transaction?
- A buyer and seller have a fully executed purchase contract. The buyer then asks for contract terms to change. This is called:
- What is a 'novation' in Ohio contract law?
- In Ohio, a contract is considered 'void' if:
- What is a sale and leaseback transaction?
- What is rescission of a contract?
- Which clause in an Ohio purchase contract allows the buyer to cancel if they cannot obtain financing?
Practice More Ohio Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Ohio Quiz →