If a buyer of a new subdivision lot wishes to cancel the contract, within how many days of the signing of the purchase contract must they do so? *

Question

jacquelene rivers, Currently studying the 120 hrs basic realtors cou (none)

Answers Subscribe to Answers

Sort

Ambassador
6,418,120

Bob Crane

Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI

Forestland Experts! 715-204-9671

Depends on the contract and the state.

Jan 30, 2019 08:24 PM

Upvote

Rainer
67,369

Evelyn M Epperson

Coldwell Banker Residential Brokerage - Johns Creek, GA

A Tradition Of [Excellence, Trust & Service]

You have a due diligence of 10 days but if you know you are canceling try to cancel right away.

Nov 10, 2015 03:24 AM

Upvote

Rainmaker
979,596

Troy Erickson AZ Realtor (602) 295-6807

HomeSmart - Chandler, AZ

Your Chandler, Ahwatukee, and East Valley Realtor

Jacquelene - Like all of the other agents have suggested, that information will be written into the contract, and depending on the builder and the state, it can vary.

Nov 09, 2015 02:50 PM

Upvote

Ambassador
3,167,614

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

in GA there is a due diligence period in the contract. It's a negotiated number of days.

Nov 09, 2015 02:42 PM

Upvote

Rainmaker
530,966

Gary Coles (International Referrals)

Venture Realty International - Las Vegas, NV

Latin America Real Estate

It should be in the contract. However, to be completely safe, it would be a good idea to check with an attorney to make certain that there is no law in your area that might place some qualification on real estate sales.

Nov 09, 2015 11:35 AM

Upvote

Rainmaker
3,986,308

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

I have it set with my builder 15 days.

Nov 09, 2015 10:20 AM

Upvote

Rainmaker
564,720

Women of Westchester Working Together

Women of Westchester Working Together - West Harrison, NY

Women helping Women get ahead

Read the contact.

Nov 09, 2015 08:34 AM

Upvote

Rainmaker
2,224,473

Debbie Laity

Cedaredge Land Company - Cedaredge, CO

Your Real Estate Resource for Delta County, CO

Read your contract. It's all in there.

Nov 09, 2015 08:34 AM

Upvote

Ambassador
3,741,896

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Whatever the contract says.

Nov 09, 2015 08:33 AM

Upvote

Rainmaker
634,532

Kathleen Luiten

Resort and Second-Home Specialist - Princeville, HI

Kauai Luxury Ocean Home Sales

Check the contract. Some states require a minimum period for cancellation.

Nov 09, 2015 05:08 AM

Upvote

Rainmaker
400,356

Jill Murty, Realtor - Orange County, CA

Movoto - Laguna Niguel, CA

The answer will be in the contracts and not all contracts are the same. Read before you sign.

Nov 09, 2015 05:07 AM

Upvote

Rainmaker
1,466,257

Michael Setunsky

Woodbridge, VA

Your Commercial Real Estate Link to Northern VA

jacquelene rivers To my knowledge there is no right of recission when purchasing real estate unless it is specified in the contract. I don't believe TILA applies in this situation.

Nov 09, 2015 04:56 AM

Upvote

Rainmaker
443,220

Cindy Davis

SD Home Source Realty - San Diego, CA

It depends on what's in their contract!

Nov 09, 2015 04:16 AM

Upvote

Rainmaker
3,988,013

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

Read the contract and it will be there.

Nov 09, 2015 04:11 AM

Upvote

Rainmaker
4,900,966

Richard Weeks

Dallas, TX

REALTOR®, Broker

That would depend on their rights to terminate as spelled out in the contract.

Nov 09, 2015 03:31 AM

Upvote

Back to Top

You have a due diligence of 10 days but if you know you are canceling try to cancel right away.
Jacquelene - Like all of the other agents have suggested, that information will be written into the contract, and depending on the builder and the state, it can vary.
in GA there is a due diligence period in the contract. It's a negotiated number of days.
It should be in the contract. However, to be completely safe, it would be a good idea to check with an attorney to make certain that there is no law in your area that might place some qualification on real estate sales.
Check the contract. Some states require a minimum period for cancellation.
The answer will be in the contracts and not all contracts are the same. Read before you sign.
jacquelene rivers To my knowledge there is no right of recission when purchasing real estate unless it is specified in the contract. I don't believe TILA applies in this situation.
That would depend on their rights to terminate as spelled out in the contract.