Question Details

Nick, Home Buyer in Chicago, IL

canceling a contract after inspection

Asked by Nick, Chicago, IL Sun Aug 10, 2008


Does anyone know how many days we have to cancel a contract to purchase a home after inspection? Seller completed repaires on 2 of the 3 major issues last week. We have been thinking abou the house for the last few days and now decided we want to bail out. We want to make sure our earnest check is not in jeopardy.



Help the community by answering this question:


GREAT QUESTION: In your contract there is are authored statements regarding cancel of an exectued agreement. Your buyers agent can also explain the terms & conditions you agreed to. There is an option period those # of days vary on all contracts refer to that clause. Once contract is executed your option period clock starts in order to cancel your agreement have your earnest money return.
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0 votes Thank Flag Link Sun Aug 10, 2008
Read your contract to find out your options, and of course, ask your agent. Every contract varies state to state and terms vary depending on what you agreed to when you signed the contract. That is the best way to get an answer to your question. We would only be speculating and that is not going to serve you. If you did not sign a contingency removal form for the physical inspections, you are probably ok, but ask your realtor! Good luck.
0 votes Thank Flag Link Sun Aug 10, 2008
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