Buying a home isn’t as simple as choosing a property, signing off on the paperwork, and moving in. In fact, there is a lot that goes into the home buying process, and it could take weeks or even months before a potential homeowner is able to move into their new property. Individuals who are looking to purchase a home, whether it is a single-family home or a condominium, must take into account the price of the property as well as if there are any underlying structural or contractual issues that could cost them money later on down the road.
In some cases, once a real estate lawyer has run a title check and confirmed that there aren’t any issues that could come back to haunt the home buyer, then the sale is processed. However, if a home buyer learns of other issues or decides he/she cannot afford the home despite their desire to purchase it, they can back out of the agreement. Here are a few other instances when a real estate contract can be canceled.
- Financing issues.
If a potential home buyer is unable to secure a loan from a lender, he/she may cancel the contract as this is usually a contingency that must be met before the transaction can be finalized.
- Fraud or misrepresentation.
If it is determined that the seller made false claims or was not authorized to sell the home, a home buyer can back out of the deal.
- The right to rescission.
If a buyer has signed a contract to purchase a residential condominium unit from a developer, he/she has 15 days to cancel. Florida Statute 718.503 says the written notice of the buyer’s intention to cancel must be delivered to the developer within these 15 days.
If, after inspections on the property are performed, and a homebuyer finds varying issues that were not disclosed by the seller, he/she may be able to cancel the contract.
Homebuyers in Orlando who wish to cancel a residential real estate contract must pay close attention to the contingencies listed in the document. They should also have a basic understanding of what Florida’s real estate laws are so they are aware of their legal rights. Now, because most buyers are more interested in finding the perfect home and securing it, they often choose to leave the legal work up to a reputable Orlando, FL real estate attorney.
The Orlando, FL real estate lawyers at Legal Counsel, P.A. can help a potential homebuyer understand their legal rights and when they are permitted to cancel a residential real estate contract. In fact, the lawyers at Legal Counsel P.A. can assist a potential homebuyer from the beginning of the home buying process all the way to the end to ensure the transaction is in their best interest and free from any underlying issues.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]