“Ive heard that if I sell my home and then change my mind, I can rescind the contract and cancel. How long is my right of rescission? Isnt it 3 days?
***ANSWER:
Real estate contracts offer no right of rescission for either party.
While not a right of rescission, the buyer of a property usually has specific contingencies that allow cancellation w/o penalty for a limited period. Thats because as a buyer theyre coming into an unknown and are given time to arrange financing, inspect and investigate the home, etc.
Under the standard contract, as a seller you can only cancel if the buyer doesnt perform.
NOTE: When I represent a client selling a property, I negotiate the right to cancel if the buyer does not appear qualified. Incredibly, the standard contract gives such a weak, watered-down right that it can rarely be exercised.
