Home Buying in Atlanta>Question Details

Intj01, Home Buyer in Atlanta, GA

is it possible to terminate a real estate contract as a seller within the 3 day cancellation provision of georgia law?

Asked by Intj01, Atlanta, GA Tue Sep 4, 2012

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6
Brian White’s answer
The terms of your right to rescind a contract will be spelled out in within the body of your particular purchase and sale agreement. You may be thinking of the right of rescission you get when you initiate a refi or an equity credit line or something like that. There is unfortunately not simply a general "cancellation provision" that is inferred in a real estate contract. If a three day right to rescind is not clearly spelled out in your contract, then chances are you do not have one. I would consult with your agent or a competent real estate attorney who can better explain your rights.
1 vote Thank Flag Link Tue Sep 4, 2012
Anything is possible and you can choose to do whatever you like, but bear in mind your choices have consequences. If you contract does not allow you to terminate the contract within a set number of days, time, what-have-you than you are obligate to follow through with the contract as it is stated. I suppose if you did not sign at closing then closing would not take place, but that opens the buyers to sue for damages if they choose to. You really should seek advice of legal counsel as others have stated before me.

Why do you want to terminate if you don't mind us asking?
0 votes Thank Flag Link Wed Sep 5, 2012
There is not specific 3 day rescission provision for real estate contracts. Sounds like you were poorly advised. If you want out speak with an attorney.
0 votes Thank Flag Link Tue Sep 4, 2012
To the best of my knowledge, If it is not clearly stated in the special stipulation about your right to terminate the contract, you do not have one. The only way you can get out of it is if the buyer asks for any repairs or reduction in the price during the due diligence period, and you refuse to do anything, and then buyer terminates it. But unfortunately its buyer prerogative not yours.
0 votes Thank Flag Link Tue Sep 4, 2012
There is not typically a provision in the contract for a seller to cancel the contract. Check your contract to see if a special stipulation was added in. The 3 day cancellation provision does not apply to real estate purchase contracts. The buyer has the option of a due diligence period if stated in the contract. As a seller, if you are considering cancelling a real estate contract, I would suggest contacting an attorney.
Web Reference: http://www.JenBowman.com
0 votes Thank Flag Link Tue Sep 4, 2012
The 3 day cancellation provision you are making reference to is normally for a refi. If you are working with a REALTOR our contracts have a due diligent period built in and you would have to review that to determine what your cancellation period would be or contact your agent if you are working with one.
0 votes Thank Flag Link Tue Sep 4, 2012
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