Home Selling in 20121>Question Details

Robin, Home Seller in Kearneysville, WV

After going to closing is there a time frame in which the buyer can back out of the contract?

Asked by Robin, Kearneysville, WV Sun Dec 7, 2008

If the buyer has the option to back out of a contact after closing and he has already been issued the credit from the seller is he legally bound to refund the buyer credit issued?

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Answers

8
Hi Robin,

This varies from city to city in Miami-Dade Florida you can back out of a condo purchase within a certain time frame 3days for new and 15 days for a resale. In your case you indicated that the buyer had a option to back out after closing you do not need a lawyer to tell you that if you have an option you can exercise it.
However that option if done right should state what will be done with buyers credit and basically how everything will be handle to permit a reasonable smooth "backing out" if that was not done then it could get real complicated, in which case you will need on attorney, if you and the seller cannot come to on agreement on how to resolve the matter amicably.


Brian Halstead
License real estate broker
Halstead Homes Realty
786-303-1046
0 votes Thank Flag Link Fri Oct 29, 2010
After closing, buyer do not have time frame in whch to back out of contract. Closing mean, contract terms have been consumated. Buyer has paid the agreed price and seller has transferred the title to the property.

If due to some reason buyer wants to back out of sale after closing, he would need to consult with the attorney to discuss his options or any grounds, if any.
0 votes Thank Flag Link Fri Oct 29, 2010
If this is a straight puurchase and NOT a refinance; and title has been transferred and recorded, then the property has been legally transferred. If your question is whether you have any recourse to remedy a misrepresentation or fraud, then, you should especially consult a local real estate attorney. What is not clear from the question is whether this is a case of buyer remorse or something much more odious.
0 votes Thank Flag Link Mon Dec 8, 2008
That question really needs to be answered by an attorney. You should get in contact with the attorney you used at the closing.
0 votes Thank Flag Link Sun Dec 7, 2008
If you have already gone to settlement there is not usually any right of recission to allow you to back out of the deal. If you have an issue you should consult the agent who represented you in the purchase and an attorney who can review your specific contract.
Web Reference: http://cindyjoneshomes.com
0 votes Thank Flag Link Sun Dec 7, 2008
Once a property has been funded from a bank title transferred day of closing no UNLESS your contract states this. Now in refinance of a property is different. Confer with your listing agent and real estate attorney.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Dec 7, 2008
Yes, this certainly sounds like an issue best addressed by an attorney.
0 votes Thank Flag Link Sun Dec 7, 2008
That's a question that should be spelled out in fairly plain English in your contract. If you have any questions about issues like this, you really need to speak with a real estate attorney.

It all depends on how your contract was written and only an attorney is qualified to interpret that contract.

Hope this was helpful.

Thanks,

-Josh
0 votes Thank Flag Link Sun Dec 7, 2008
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