Can I cancel the real estate contract I have signed? This is a question commonly faced by most Fort Myers real estate lawyers. It is not uncommon for a purchaser to have second thoughts after signing a real estate deal. Several states have a provision that allows purchases to withdraw from a deal after signing the contract. However, in Florida, a purchaser cannot back out of a deal after signing unless there are clauses stating otherwise.
In Florida, a purchaser can back out of a deal only if the contract has a provision that allows a purchaser to do so. Here is everything you need to know about withdrawing from real estate deals in Florida.
Statutory Rescission Rights for Condominiums
Three months Rescission
Under the Florida Statutes Section 718.503 (2), a seller who is not a build must include one of these two clauses in a residential condominium sales contract – i) a clause wherein the buyer acknowledges the receipt of the concerned condominium documents more than three days of execution of the contract or ii) a clause that allows the buyer a rescission period of three days.
Usually, such clauses are presented in a ‘check the box’ segment in the contract. A buyer must very carefully read the contract before signing to ensure that he doesn’t miss out on such critical elements. You can engage a board certified attorney to help you analyze the contract and ensure that you have covered all points with absolute clarity.
If the buyer has not received the documents before the execution of the contract, he will have a three-day window to cancel the contract post the execution of the contract and the receipt of the condominium document. These three days include weekends and legal holidays. As per the statute, the documents provided to the buyer should include a current copy of the declaration of condominium, articles of incorporation, by-laws, and rules of the association, and a copy of the most recent year-end financial information and frequently asked questions and answers document. If the seller fails to provide these documents, the rescission period continues up until closing. You can consult a Fort Myers real estate lawyer for more clarity.
This three-day rescission clause allows a buyer to review documents and identify challenges, restrictions, and limitations and cancel if he is not satisfied with the conditions.
The 718.503 (1) section of the Florida Statutes section provides a fifteen-day rescission period to a buyer. During this period, a buyer with the help of can review all documents, clauses in them and cancel the contract for a residential condominium.
However, home-owner transactions are not treated in the same way as condominium contracts under Florida law. You can reach out to a board certified lawyer for advice on such contracts.
Besides these two rescission clauses, several other factors need to be taken into account before signing a real estate contract. The best way to help you steer clear of legal pitfalls in a real estate deal is to engage a Fort Myers real estate attorney.
Reach Out for Expert Advice on Real Estate Deals
Hale Law Services comprise a group of experienced Fort Myers real estate lawyers and board certified lawyers to help you address all issues related to property. You can contact us for information by calling us at (239) 931 6767 or e-mail us at email@example.com.