Can a buyer back out of a contract within a certian time period?
2006-10-20 14:44:58 · 3 answers · asked by dwjd036 1 in Business & Finance ➔ Renting & Real Estate
Some states have rescission periods for contracts but I have never heard of one longer than 3 days. But speaking as a Realtor, there are a bunch of ways for a Buyer to legally get out of a contract. By using one of your many contingencies of the contract is your best way out which will insure a refund of your good faith deposit. The most common is by getting the lender to write a letter saying that you don't qualify for the loan thus you won't be able to buy the house (since the loan was a contingency of the sale). Or make an extensive request for repairs and if the buyer says no to any valid request, it gives you the right to void the contract.
To not put pressure on the situation, I suggest you find your way out sooner than later as to not keep the house off the market for other potential buyers.
2006-10-21 04:00:07 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
depends upon what is written into a given contract. generally yes, a buyer can back out, usually with loss of some portion of his escrow if it is his default, in his control.
2006-10-20 14:50:01 · answer #2 · answered by The Advocate 4 · 0⤊ 0⤋
Read your contract.
2006-10-20 15:24:24 · answer #3 · answered by Karen R 3 · 1⤊ 0⤋