Allen, Both Buyer and Seller in Novi, MI

Is there a law in Michigan that allows you to get out of a real estate contract within 24 hrs of signing?

Asked by Allen, Novi, MI Tue Jul 17, 2012

Trying to keep my options open

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Answers

4
Allen,

You should talk to a real estate attorney about this.

Once a contract is signed and recognized by the other party, it's pretty much done.
0 votes Thank Flag Link Tue Jul 17, 2012
To preface, you should seek legal advice only from a licensed attorney. I can not and do not provide legal advice. That said, what specifically are you wanting to, "keep your options open," on? If you sign a purchase agreement for a new construction condo or site condo for instance, you do have 9 days to review the bylaws and move forward, or not. Other then that, it would entirely depend on the specifics of the contract you sign.
0 votes Thank Flag Link Tue Jul 17, 2012
Hello Allen,
No there isn't a law for this situation that I know of, unless you rescind the offer before you receive the sellers signed purchase agreement. After that it would depend on how many contingencies you put into the offer. If you have an inspection, financing contingency, or if it's a short sale you would have a way out of the contract if you didn't agree to the 3rd party response to the offer. Otherwise your pretty much stuck with the offer unless your willing to forfeit the earnest money deposit. If you have anymore questions feel free to contact me for a consultation.
Have a Great Day!


Best Regards,
Mike Stawizky
(248) 980-4406

Keller Williams Realty
Find your home: moveinnow.org
Or visit us on Trulia.com
Web Reference: http://moveinnow.org
0 votes Thank Flag Link Tue Jul 17, 2012
Good Morning Allen,

All legal questions should be directed to a Real Estate Attorney. That being said there is no law that I'm aware of allowing an automatic release of a real estate contract within 24 hours. If I had additional information on what contract you are referring to I could possibly assist you better.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Tue Jul 17, 2012
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