Orlando Real Estate, Orlando Buyers Agent, Orlando Homes, Orlando Buyers Broker

How to cancel a Real Estate Contract

How to cancel a Real Estate Contract.

Are you all tied up in a purchase contract that is a mistake? What can you do?

First of all, it is always better to protect yourself in your Real Estate offer with contingencies than to try to untie yourself from a contract after you are knotted up to with no escape route...not that I think you should go to contract if you have reservations. If in doubt, do not sign.

But here are some strategies for cancelling a contract that you could use:

Contract contingencies are simply a way a buyer can back out of a contract within a set period of time if certain conditions specified are not met in a timely manner.

Home Inspections: Make the contract subject to approval of your house inspections and do not box yourself into a tight time frame...give yourself at least 15 days to inspect for anything and everything you want. If unsatisfactory to you, you may have the option to void the real estate contract as long as you are within the time frame indicated.

Mortgage Financing: If you do not qualify for a mortgage under the terms specified under the contract, you may be able to cancel the contract, but expect to provide proof. You should not need to seek alternate financing.

Appraisal: Even if you are paying cash, make the contract subject to the appraised value being equal to or more than the purchase price. Do the appraisal after the home inspection and after you have your financing scrutinized.

Attorney Review: Make the contract contingent on your attorneys approval. If your are stuck, discuss with your attorney.

More Escapes: Last but not least, did the seller perform in a timely manner per the contract? Did everyone sign and initial all the changes? Does the title have clouds? Were there non-disclosed HOA capital contributions? Are there encroachments on the property? Did the seller hide some defects? These are all issues that could allow a buyer to cancel the contract.

No one can force a buyer to close on a property, but depending upon how the real estate contract was written and the buyers performance, the seller may be entitled to keep your deposit. If you are serious about voiding a contract, it is always advisable to seek a legal opinion from a real estate attorney.

Copyright @ Buyers Broker of Florida 2011 "How to Cancel a Real Estate Contract"

Subscribe to my blog

Representing ONLY the best interest of the Home Buyer...never the seller.

 Eve Alexander Orlando Buyers Agent

 

Comment balloon 45 commentsMike & Eve Alexander • July 13 2011 06:21PM
How to cancel a Real Estate Contract
share
How to cancel a Real Estate Contract. Are you all tied up in a purchase contract that is a mistake? What can you do? First of all, it is always better to protect yourself in your Real Estate offer with contingencies than to try to untie… more
Homes in Winter Park, Florida 32789 or 32792
share
Homes in Winter Park, Florida 32789 or 32792 My daughter starts off her weekend, with fresh baked croissants at an authentic French Bakery at Winter Park's famous Park Avenue. Do you know where that is? Many home buyers… more
Buying "AS IS" property
share
Buying "AS-IS" Property There are many misconceptions about buying an "as-is" property. It does NOT mean than you have to buy a property "as-it-is" with all its problems. You still have the… more
Orlando Foreclosures; the Truth
share
Orlando Foreclosures; The Truth. Are Orlando foreclosures really the best deal? Maybe or maybe not… ( Foreclosures are properties owned by the bank that held the loan on the house that the homeowner did not pay… so the bank did a.. more
Real Estate Contracts: Read before you sign.
share
Real Estate Contracts… read before you sign Yesterday, an anonymous buyer called our office after they were in hot water on a contract to buy a home and wanted to know if they could cancel the contract… of course they were not sure what… more
HOME APPRAISALS: how they work
share
Home Appraisals: how they work. If you are paying cash, you do not need a home appraisal… however if you are financing the property, a home appraisal will be required before the lender will approve money for your purchase. Home… more
Short Sales and Sellers Mistake
share
Short Sales and Sellers Mistake Sellers need to learn their options from a reliable source before agreeing to do a short sale. Don't just take someone's inexperienced word, as every… more
Foreclosures VS Short Sales
share
Foreclosure VS Short Sales Many consumers and some agents are confused about the difference between a foreclosure and a short sales so here is a simple comparison: FORECLOSURE : Owned by the bank. The last property owner did not… more
Florida Foreclosure Mess in Orlando
share
Florida Foreclosure Mess in Orlando I have always advocated for the buyer to pay for and choose their Florida Title Company rather than go along with the sellers or listing agents "Affiliated" Title Company. The buyer choosing… more
Orlando Short Sales: "Deal or No Deal"
share
Orlando Short Sales: "Deal or No Deal" Many buyers want only to view short sales and assume that when they see a property listed as an "Orlando Short Sale" they can get a real steal and a great deal… really? See the.. more