Your question did not indicate whether you had already signed a listing agreement or not. If you have, there is specific language which addresses roles and responsibilities of the sell and the listing and buying agents. For example in the Tennessee Association of Realtors Exclusive Right to Sell Agreement (Seller Agency) F88, lines 68 though line 70 reads, "In the event that the Seller terminates this Agreement before its natural expiration, the Seller agrees to pay all costs incurred to market the Property as a cancellation fee should the Broker consent to release the listing prior to the expiration date." So yes you can â€œget out of the contractâ€ but you may have expenses to do so.
If you have not signed a listing agreement, ask the agent to give you a blank copy of the agreement so you may become familiar and then ask specific questions related to that Brokerâ€™s listing agreement.
On a listing agreement a "back-out" is whatever you and the Broker agree to as a condition of releasing the listing agreement. There is not a standard 3 day back-out.
If you are asking can a buyer back-out based on a 3 day "right of rescission" as he can on most consumer goods contracts, there is no such provision in most real estate contracts, However keep in mind that a contract and all of the "back-outs' contained are whatever the buyer and seller agree to as long as they are within the law. You could conceivably write the contract that gave the buyer the option to cancel the agreement within 3 days. Usually the contingency on various inspections, appraisals, and financing are enough to make sure everyone is satisfied with the transaction.
Hopefully this helps if you need additional information or have more questions just give me a call or send me an email.
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC