Home Buying in Cambrian>Question Details

motownmike, Home Buyer in San Jose, CA

In texas how long after receipt of a Condo HOA does one have to back out of the transaction.

Asked by motownmike, San Jose, CA Fri May 17, 2013

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In general there is no right to rescind a real estate purchase contract. If you want to inspect the HOA documents you would want to put a contingency in the purchase offer.

However seldom will a court or arbitrator order the purchase of a property. They normally require the payment for damages which failure to fulfill the contract has caused. Additionally real estate commissions may be due even if the sale is not completed. Also any court or arbitration costs would have to be paid.

Good luck,

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650-857-1000

Over 20 years experience
Over 1,000 home sales completed in Santa Clara and San Mateo Counties
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Web Reference: http://julianalee.com
1 vote Thank Flag Link Fri May 17, 2013
What does your contract state? What does your agent say?

Yes, there are law which vary by state, however, what is printed in your contract will tell you what your options are.
Web Reference: http://www.TerriVellios.com
1 vote Thank Flag Link Fri May 17, 2013
Thank you for your question:
As the others pointed out your question id podted in The California section, not Texas.

In general you must have a specific contingency written into the Contract to preserve your right to cancel the contract within the period of the Contingency.

Essentially, I recommend that you make certain that your contract includes a Contingency period for you to receive and review and approve the HOA documents.
1 vote Thank Flag Link Fri May 17, 2013
We are not in Texas, Toto. Here in California, however, there is nothing special about HOA docs written into any of the standard contracts. Unless you have a specific contingency in place, you may not have any way out.

On another hand, no one can force you to complete the transaction. It may cost you some money but there is always way out - talk to your REALTOR about your specific situation.
0 votes Thank Flag Link Fri May 17, 2013
Elena, saw your comment saying.... there is nothing special about HOA docs written into any of the standard contracts. Actually both PRDS and CAR make HOA docs a contingency. Buyer has a reasonable disapproval right automatically in the contracts.
Flag Fri May 17, 2013
It depends on what the contract says. There will be a time period for you to review the documents and either accept them and go forward .........or cancel.
0 votes Thank Flag Link Fri May 17, 2013
Texas has nothing to do with the equation:
If the Buyer does not have the proper CONTINGENCIES then they cannot "back out".
0 votes Thank Flag Link Fri May 17, 2013
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