can you withdraw a real estate contract the same day you signed it?

Answer 1

Once it has been signed a legal contract has been entered and it is binding by law. You can ask for moderations but that falls under common law and you need consideration for both sides to modify and completely draw up a new contract. But no, the moment it's been signed any withdrawal is a breach of contract.

Answer 2

Sounds as though you are without representation, otherwise your broker would have the answer. Because the laws in real estate are state-specific, you should check with your state's real estate commission.

Generally, the 'right to rescind' law does not apply to real estate. Once all principles have signed off, it becomes a binding contract. Before all parties have signed, it's merely an offer, and you can withdraw your offer. If you are in a position to withdraw the offer, make sure you've date stamped and time stamped the withdrawal for your own protection.

Let me qualify "contract." Typically, the buyer presents their offer on a contract but it is not a contract until all changes (if any) are initialed by all principles and all parties involved have signed where signatures are required. Until that happens, it is not a fully executed contract.

Within the contract, there are ways out depending upon whether you are the buyer or seller. For example, here in Texas, if a buyer elects an option period for whatever days negotiated, a buyer then has the unrestricted right to terminate within that period without losing their earnest money. As a seller, it is your property and you have the right to change your mind, however, it is not without consequence as per the contract.

If you seek legal counsel, make sure the attorney knows the laws of real estate for your state. Real estate brokers and agents are not qualified to give any legal advise.

Without more information of your situation, it's hard to say. If you have an executed contract, read its contents as it should be spelled out for you the rights of each principle.

Answer 3

Depends upon the contract. If it's an offer to purchase and has not been presented to the seller it should not be a problem. If you are the seller and accepted the offer you are stuck with it unless one of the contingency clauses, if any, kicks in. If it's the closing on a sale, it's all over. If it's a lease, it will be up to the other party to release you.

Answer 4

In some states, you can make a request. It would be up to the seller whether they accept or not. It would help if you can say that you found out that the yard is generally swampy or some other problem with the house or grounds.