There were no real estate agents or finace companies involved. It was a simple matter between the owner and the buyer. Is there any type of cancelation period in which to void the papers/contract?
2006-11-19 13:05:55 · 5 answers · asked by sweetfunflirtytx 1 in Business & Finance ➔ Renting & Real Estate
There were no real estate agents or finance companies involved. It was a simple matter between owner and buyer. Is there some time of cancelation period in which i can cancel the papers/ contract? I live in Texas.
2006-11-19 13:15:16 · update #1
In Texas, there is no 3 day right of recission. Also, there is no standard "out" for the seller who has signed a contract to sell his house.
Though the TREC (Texas Real Estate Commission) promulgated forms may seem to be "easy, fill in the blanks" forms, they really do leave alot of room to structure a contract either on the side of the buyer or on the side of the seller.
Also, there is not a "standard" time period or right for the buyer to back out of the deal due to inspection results. There is a legal right for the buyer to do an inspection. You can write up the contract to have whatever contingencies you desire, however the option for the seller to back out is not something that would be common at all.
Even though there are no agents or finance company involved (is it a cash transaction or is it owner carry?), there is no more "wiggle room" for the seller. A signed contract is a signed contract.
If you're selling to a regular buyer (gonna live there), and have changed your mind about selling, tell them that you'd like to cancel. They probably will if you just give them back their earnest money and any appraisal and inspection money they've spent.
If you're selling to an investor, and feel that you've been taken, then better talk to a real estate attorney. The investor is unlikely to release you for no profit, but also, many do-it-yourself investors don't know how to do all the paperwork legally and maybe you do have an out. If he's good, then you may have to sell.
Good luck to you.
2006-11-19 14:17:38 · answer #1 · answered by teran_realtor 7 · 2⤊ 0⤋
If you are the buyer, you have a certain number of days to inspect the home and you may cancel during this time. Also, if you can't qualify for financing (but you had to have made a good faith effort) you may also cancel the contract.
As the seller, you have fewer options. By doing it yourself, you may have a bit more wiggle room than if attorneys and realtors had been involved. Call your State Dept of Real Estate ASAP to find your state's legal stance on seller cancellation. Not all states have a 3 day right of recission. Outside of that 3-day window, you'd have to have a VERY good reason to cancel and then hope for a VERY reasonable buyer.
2006-11-19 13:19:20 · answer #2 · answered by whatever 3 · 0⤊ 0⤋
Not sure where you're located, but in the state of California you have 72 hours to cancel. I'd imagine other states might have similar laws.
Try googling your state and the words "cancel contract" (for example "Maine cancel contract" if you live in Maine) and see what comes up.
Good luck!
2006-11-19 13:08:30 · answer #3 · answered by I ♥ AUG 6 · 0⤊ 0⤋
What Teran_Realtor said.
It depends on what the contract said.
2006-11-20 10:12:37 · answer #4 · answered by txrealestateagent 3 · 0⤊ 0⤋
teran_realtor is right. You are on a roll. Maybe we can network.
2006-11-19 16:16:30 · answer #5 · answered by Melissa 2 · 0⤊ 0⤋