As a seller I accepted a purchase contract on my home.

Asked by Jt, Rochester, NY Mon Mar 2, 2009

Can I cancel the purchase contract, because I changed my mind. It has been one day and an approval of the contract has not been given by my attorney yet? I live in NY State, please help

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6
Cathy Barton’s answer
Cathy Barton, Agent, Fairport, NY
Wed Aug 1, 2012
Shame on you, you had plenty of time to consider an offer ahead of time. Edity is right you can call your attorney and have that person kill the deal. You signed your name on the dotted line, you offered your property to a Buyer and got their hope up, you have wasted the Selling & Buying agents time (time is money) and now you have to waste your attorney's time (time is money). If more folks like you did the same things ethics and honor are down the drain.

Think before you sign your name on the dotted line. It has a negative ripple effect on others.
0 votes
Edith Karoli…, Agent, Winnetka, IL
Tue Mar 3, 2009
Hi Jt
Call your attorney ASAP...... that's why real estate contracts usually state an inspection and Attorney approval period.
Within that period your attorney will be able to - unless something has been waived, but it is your attorney who has a copy of the contract and knows all the terms. But call him immediately....

Good Luck!
Edith edithsellshomes@gmail.com

Ps should you ever come across anyone you know who is moving to Chicago, the larger Chicagoland area or anywhere in Northern Illinois would you send them my way? I provide first class, detail oriented services.
Thanks
0 votes
Karen Wingen…, , Rochester, NY
Tue Mar 3, 2009
There is no "grace period" on contracts but almost all are contingent on attorney approval. There was a recent court case that determined that an attorney does not have to give a reason for disapproving the contract -- very significant decision in the real estate industry. Call your attorney immediately and they will advise you on how to proceed. As an "FYI" I've included a link below to a blog post regarding the court case I mentioned.
0 votes
Greg Masceri, Agent, Rochester, NY
Mon Mar 2, 2009
You need to discuss this with your attorney. As Reltor we can't practice law, however the attorney approval contingency is certainly in force unless you specifically waived it in the offer.
0 votes
Michael Walk…, Agent, Suwanee, GA
Mon Mar 2, 2009
You probably can ... you should call your attorney asap and ask him his opinion and legal advice as I'm not an attorney. My understanding is that an attorney may now cancel it for any reason prior to the issuance of an approval. The other question that you'd like to ask your attorney is if you'd be obligated to pay the commission to the Realtors. They did their job and brought you an acceptable offer and you may be obligated to pay the commission due.

The bigger question is why are you deciding not to sell and is there some way around this feeling? You might want to talk through the reasons and see if you may be to work through the issues.

Good luck!

Michael Walker
Century 21 Premier Properties
585-645-1258
Mike@MikeWalkerHomes.com
0 votes
J Douglas Mo…, Agent, Douglaston, NY
Mon Mar 2, 2009
I believe that there is a grace period for the upstate contracts. Read the paperwork and ask your realtor immediately. Your listing agent should be able to provide you the correct answer to your question. You have to act quickly in any regards.....

Douglas Montgomery, Broker
HomeNY Corp.
917-482-5234
0 votes
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