Home Buying in Austin>Question Details

New2aus, Home Buyer in Austin, TX

Does Texas have a buyer's remorse statute where a buyer has several days to change their mind? I believe many states do this.

Asked by New2aus, Austin, TX Thu Sep 8, 2011

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Texas does not have a "Buyers remorse" statute per se. We do however have a negotiable option period, in which for a nominal fee, the buyer has a negotiated period of time in which to cancel a contract for any or no reason what so ever. This is also the time in the contract that we in Texas use to perform our due diligence, inspections, insurance checks and the like.

A cancellation of contract under the option period must be done within the negotiated time frame, and done so on appropriate forms, signed by the parties, and filed with all principles and the title company in the prescribed time and manner required, to receive any earnest monies back.For further clarification check with your agent or here http://www.texasrealestate.com/web/1/12/121/archive/lingo.cfm

Stevie Bear
ABR,CRS,GRI
1 vote Thank Flag Link Thu Sep 8, 2011
No, this is not the case in Texas. Once the loan funds you cannot go back. Refinance loans have a rescission period but on a purchase this is not the case. The buying process takes 30 to 45 days and even once your option period expires you can be sued for specific performance if you do not go through with the purchase as required by the executed purchase contract.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
1 vote Thank Flag Link Thu Sep 8, 2011
There is no statutory right of rescission for all real property purchasers but depending on the contract you've signed, that right may or may not be included. There are also numerous other termination provisions allowed in the TREC / TAR contract forms / addenda and your agent should be able to assist you with those if needed. Of course, if you're buying a new home and using a builder's contract, you won't likely have any termination provisions as those contracts are very one sided.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Thu Sep 8, 2011
If you are buying a home then the answer is no. There are several purchases one can make that do have a clause that allows a buyer that period of time, as with any written contract once signed and executed, you are in a binding agreement so you need to know what you have signed-your agent should have gone over tthe contract with you.
As my collegues have indicated-there is an option period clause, this sounds like it is too late to be useful to you but this is a great time to go through the house, visually place your furniture, take measurements in addition to get a house and termite inspection.
Any other questions or concerns please feel free to email or call.
Good Luck to you.
Sonia Roberts, Realtor®
Sonia@CanadyRealty.com
Canady Realty
512.709.1811
0 votes Thank Flag Link Thu Sep 8, 2011
There is no buyer's remorse to my knowledge, we have an option period in which the buyer 'buys' time to do due diligence on the property, such as inspections, energy audits, survey, repair estimates and so forth. I usually have my clients opt for 15 days. with in that time you can usually know if this is a wise purchase for you life situation. I hope this sheds some light to your scenario.

Warmest Regards,

Vanessa Nunez
VOX Real Estate, LLC
vanessanunez.realtor@gmail.com
512-750-5716
0 votes Thank Flag Link Thu Sep 8, 2011
New2Aus,
What did you agent say about this?
Did you have an option period?
This is your "option" to cancel the contract for any or even no good reason.

Bill
0 votes Thank Flag Link Thu Sep 8, 2011
The Option Period allows a Buyer under contract to cancel within a negotiated number of days (usually 7 to 10 days) for a minimal charge of around $100 for any reason.
0 votes Thank Flag Link Thu Sep 8, 2011
Best confer your questions to an attorney.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Sep 8, 2011
We have an option period that an agent can negotiate for you. Usually for a $100, you have the unrestricted right to cancel a contract for 7-10 days. During this time you can do any due dilligence you find necessary.

Please let me know if you would like detailed analysis on any neighborhood.

Steven Nusinow
(512)922-7588
0 votes Thank Flag Link Thu Sep 8, 2011
Hello New2aus,

That's a great question. Texas does not have a "buyer's remorse statute" however we do have what we call an OPTION PERIOD. That would give you as a buyer, the OPTION to back out of the contract within a number of days negotiated with the seller. Usually 5 to 10 days, but can be longer or shorter depending on what you can negotiate.

Hope that helps!

Gregg Klar
REALTOR
Austin TX
Web Reference: http://www.GreggKlar.com
0 votes Thank Flag Link Thu Sep 8, 2011
Before the completed sale you CAN pull out under certain circumstances. The best time to do this is during the Option Period, when inspections normally happen. After the sale has completed/funded, the answer is NO.
0 votes Thank Flag Link Thu Sep 8, 2011
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