Question:
“Hi Gary, thanks for your newsletter. I really learn a lot from it. I have a question for you. When you sign an offer to buy a home, do you have 3-day right of rescission?”
Answer:
People ask me that now and then. No, real estate contracts do NOT have any rescission rights for buyers.
(The seller only has rescission rights if they are in foreclosure, live in the home, and are selling to an investor.)
However, most contracts give the buyer an “investigation” contingency period, typically 7 to 17 days. During this time, you have the right for any reason to decide not to buy the home and receive your full deposit back.
