Profile picture for shilin1

what is the law providing the purchaser's right for "rescission of a purchase agreement"?

If I signed a purchase agreement of a condo on 2/9/11, do I have 7 days to cancel it without penalty?
  • February 15 2011 - Bellevue
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Answers (10)

Profile picture for Marika Realtor

The buyer's ability to resend the contract will depend on the terms and conditions that were negotiated in the purchase sale agreement. Typically there are several conditions that must be agreed upon in a purchase and sale agreement between a buyer and seller. Each condition must then be agreed to or waived by the buyer during the process. 
If all conditions of the buyer are agreed to or waived then the buyer either closes the sale or loses their earnest money. However if the conditions cannot be agreed to (like repairs discovered and requested by the buyer in an inspection) a buyer may be able to terminate a have the earnest money returned. Other examples of conditions in a purchase and sale agreement may be buyers ability to get financing, approval of a property disclosure form, neighborhood review or lead based paint disclosure. Each purchase and sale agreement is different and I'd advise you to review your purchase and sale agreement with your agent to see what conditions may still be available for you to resend your contract.

  • February 18 2011
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It will depend on the laws in your state..what state did you write the offer?  Simpliest way to find out is to ask your real estate professional...best of luck
  • February 15 2011
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Is this a new condo, and not a re-sale?  If so, you should have received a public offering statement when you signed your contract (a big thick book or binder with all the information about the association, budget, survey, etc).  Law does dictate that you have a 7-day review period to look over the POS, and if you disagree with anything you read, you likely have an out.  Still, there should be language in your contract referring to it too (likely in the seller's addendum) - and consulting an attorney is always your safest option. 
  • February 15 2011
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Dear shilin1;

There are many caveats written into your purchase and sale agreement, and not seeing that agreement makes it tough to answer that question.  Take some time to read your contract...the answer will be there.

Good luck
  • February 15 2011
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Ask a Lawyer. 
  • February 15 2011
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As previously mentioned by another post - you should contact an attorney for any legal questions.

However, if you did write up your contract here in WA with an agent, hopefully you/they included a few contingencies offering you the opportunity to back out & retain your earnest money (inspection, financing, etc.).

Chances are, you'll be able to figure this out with your real estate agent.

Good Luck!
Ryan Halset, Realtor ®
Seattle, WA
  • February 15 2011
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Profile picture for Hal Hovey
In the state of Washington you don't have an automatic right of recission  for condominiums and single family home purchase contracts.  If you used a real estate agent to write the offer, then you should first speak with him or her.  If NWMLS forms were used to write the offer then you may have an opportunity to "terminate" the contract, but not to "rescind" it.

If you bought a property directly from a condo development salesperson they probably used their own contracts instead of the NWMLS forms, in which case I would consult a real estate lawyer to determine your options.

Good Luck.
  • February 15 2011
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Profile picture for nwhome.us
If you need a legal interpretation of your agreement, you need to contact an attorney directly. 
The only opportunity in the actual Purchase and Sale Agreement (if you are using NWMLS forms) is paragraph x. which allows for termination in 10 days if you find some materially inaccurate information that was provided to you.
Otherwise you are relying on the other addenda that your agent included for you in the agreement.  These include a Neighborhood Review, Building Inspection, Financing Contingency, Title Review or Feasibilty Contingency.
  • February 15 2011
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There are a variety of ways to get out of a STANDARD contract and recover earnest money.  Did you have a Realtor write your offer?  We run the risk of undermining agency by getting too detailed in your situation, but assuming you have used the standard forms, check the Inspection Addendum for timeframes. 
  • February 15 2011
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You need to review the contract if you have an option period as we do in Texas you can walk away without losing your earnest money during the option period which you payed for. Hopefully you are working with a Realtor and they can review your contract. If not then you should consult a Real Estate Attorney
  • February 15 2011
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