Trulia Las V…, Other/Just Looking in Las Vegas, NV

If one agreed to buy a house and has now changed their changed mind, how do they cancel?

Asked by Trulia Las Vegas, Las Vegas, NV Thu Jan 24, 2013

Help the community by answering this question:


Phil Scheinman’s answer
A good agent will educate you on how you can leave a contract for a house that you no longer want to purchase.

A. You have to agree to the rules and regulations (CC&R's) if there are rules you can not live with that would be grounds for termination of a contact. This has to be done in writing within 5 days of receiving and review the CC&R's.
B. During your due diligence period you have a certain time frame where you do not even need an excuse to cancel.
C. Major issues arise on your inspection report and you notify the seller.
D. You can no longer qualify for the loan.

I wish you luck


Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
0 votes Thank Flag Link Sun May 12, 2013

This question is best answered by an attorney, after they review your written agreement. A GENERAL answer is to submit an immediate cancellation in writing to the seller and escrow company if applicable. If the buyer is in their due diligence period or there is another clause that allows for cancellation, there will not be a penalty. However, if the buyer is outside the cancellation period, the buyer will typically lose their earnest money deposit.


Nakia Woodson
Wardley Real Estate
0 votes Thank Flag Link Thu Jan 24, 2013
When you are under contract to purchase a home, there are a few exits for you as a home-buyer (depending on your contract terms).

First, you have a set due diligence period, where you can pull out from the transaction for any or no reason, and this is commonly 7 to 14 days from ratified contract.

Second, if there is an HOA / CIC, after you receive the CIC Resale Package, you have 5 days to review and accept the governing documents, rules, and regulations, or rescind the purchase contract.

Lastly, if the appraisal (if applicable)
2 votes Thank Flag Link Fri Apr 4, 2014
If you are represented by A Real Estate Agent in the purchase of your property, you need to make your intentions known. No one is privy to the contract and terms of your contract. Your follow-up procedures should be done through your Agent only. Good Luck!
0 votes Thank Flag Link Mon Aug 24, 2015
Read your contract. Tell your agent. The contract outlines how to get out of the purchase. Typically the worst case is you lose your earnest money.
0 votes Thank Flag Link Fri Jan 25, 2013
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