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    Jlermb's Avatar
    Jlermb Posts: 3, Reputation: 1
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    #1

    Aug 4, 2008, 06:08 AM
    Terminate agreement to purchase land
    Is there a period in which a person can terminate a purchase agreement?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Aug 4, 2008, 06:10 AM
    Depends on what's listed in the agreement. You do have a 3 day right of recission when using credit to make a purchase. But if its just the initial agreement then you are subject to the wording in the agreement.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #3

    Aug 4, 2008, 06:15 AM
    The 3 day right of recission in real estate only applies to: (1) refinancing of a mortgage; (2) contracts to purchase property that are prepared by a realtor; and (3) any contract that grants that right in the body of the contract.

    If there is any right to cancel a contract then it will specifically say so in the contract, usually at the top of the first page or near the signature line.
    Jlermb's Avatar
    Jlermb Posts: 3, Reputation: 1
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    #4

    Aug 4, 2008, 06:18 AM
    Terminate agreement to purchase land
    The wording on the contract is confusing but reads - Purchaser agrees to purchase: ----------but doesn't say anything about being bound.

    Also, we gave 10% down and indicated we would finance the remaining 90%. This was a very "high pressure sales job" and has caused me a lot of stress.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #5

    Aug 4, 2008, 06:20 AM
    That contract is binding.

    HOWEVER... most likely the contract is conditioned on the buyer obtaining financing. Typically the condition states that if you are unable to obtain financing then you have the right to cancel the contract and get your deposit back. This might be an area for you to explore.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    Aug 4, 2008, 06:24 AM
    I've merged the two threads. Please don't start a new thread for a follow-up. Use the Answer This Question, Quote user or Quick Reply options to post a follow-up.
    Jlermb's Avatar
    Jlermb Posts: 3, Reputation: 1
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    #7

    Aug 4, 2008, 06:28 AM
    Sorry, I wasn't sure how to respond back.

    Thank you both for your responses.
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