No

If it is a fee simple contract, you can sell it tomorrow. However, are there any stipulations or conditions in the contract like-Can't sell for 5 years?". If so, and you signed the contract, you are bound by the terms and conditions.

There can be many restrictions given, they can be given a life estate of a home if they are living in it ( you can not sell it for their life time as long as they live in home)

They can sell it with the right to buy it back or have the first option to if you want to sell.

But why would they want to sell if, or you buy it, if it is restricted.

Perhaps it is your parents who are willing to sell you land, but want to be sure you don't resell within a certain time span, such as their lifetimes? Then they write that into the contract and deed, depending on laws in your state regarding restrictions and covenants. You all should have a lawyer.

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Originally Posted by joypulv

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You all should have a lawyer.

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Yes. For example the lawyer will know whether such things as "the rule against perpetuities" and the Rule in Shelley's Case apply in your jurisdiction.