“I’ve 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? Isn’t 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. That’s because as a buyer they’re 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 doesn’t 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.
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