I sold a mobile home and roughly an acre of land, and now I am getting a WAY better offer. There were no real estate agents, finance companies, or morgage companies involved. It was a simple matter between owner and buyer. Is there any type of cancellation period in which i can void the paper/contract? The papers were just signed today. I live in Texas, I dont know if individual states have different laws on this matter, so i figured it would be a good idea to say where i am from. PLEASE HELP IF YOU HAVE ANY INFO!!!!
2006-11-19 13:21:04 · 4 answers · asked by sweetfunflirtytx 1 in Business & Finance ➔ Other - Business & Finance
Texas does not have a right of rescission on real estate transactions. I've been selling real estate in San Antonio for 14 years and NEVER have I seen a contract notarized. It's valid and binding upon notification to the other party that all terms are signed for. A faxed copy is as valid as the original.
I suggest you take the second offer as a back up. Get it signed and use the back up addendum. If the first buyer requests any changes, tell them no. If the first buyer cannot complete the transaction as specified in the contract, then you can cancel and sell to the second.
It might pay to have a real estate attorney look at the contract for you. If it's not done correctly, then maybe you do have an out. Make sure it's worth it to you though, if the first buyer and you entered into a contract in good faith, (even if the forms are done wrongly) it might be up to a judge to decide - and that would cost both of you money, and time... which might end up in losing the second buyer anyhow.
Good luck.
2006-11-19 14:29:47 · answer #1 · answered by teran_realtor 7 · 0⤊ 0⤋
You should definitely check with a lawyer on this one. Which might end up happening anyway. If contracts have been signed and monies have been exchanged, then it is usually harder to cancel this contract, becuase the property is considered transfered. But being as it was just done that day, ask a lawyer if you could get just some free advice on the matter and then, if it requires him to get involved see if the cost is worth it.
No I am not a lawyer. But defeinitely a Good IDEA
2006-11-19 13:31:54 · answer #2 · answered by kinev2010 3 · 0⤊ 0⤋
Check the contract for any fine print about the "right of rescission" this loop gives you or the buyer 72 hours to back out of a contract without penalization. If the contract was written between the two of you and not notarized, you might be able to talk your way out of it because until it is notarized, it is not official
2006-11-19 13:32:55 · answer #3 · answered by flyingrizzly 3 · 0⤊ 0⤋
i recognize for a truth with orange and t cellular you may. forget concerning the cancellation fee remark that purely takes position after the first 14 days. contact them the following day say you do not favor it any extra l, they get you to deliver it decrease back by the submit workplace (expenditures about £6) maximum contracts have a minimum of 14 days some actually have 28 purely ring them asap and they'll cancel it there and then.
2016-11-29 07:13:25 · answer #4 · answered by ? 4 · 0⤊ 0⤋