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When can interested buyers cancel a real estate contract?

On Behalf of | Mar 10, 2020 | Real Estate Transactions, Residential Real Estate |

Buying a property is an exciting and stressful event. The cost is huge — often the largest financial transaction one will make in their life. So, what happens if you thought you found the perfect place and moved forward with an offer only to realize the property just will not work?

The answer will vary for each situation, but some commonalities can include:

  • Contingencies. Ideally, your offer came with contingencies. Common examples can include a contingency for a home inspection, well and septic inspections or sale of another property. It is possible the outcome of one of these inspections will support your concerns. If the contingency is present in the contract, the home buyer can use the outcome of the inspection as reason to cancel the contract with minimal risk.
  • Cancellation provision. In some cases, the offer for sale may include a provision that allows the buyer to cancel the offer. This is generally not automatic in Florida, so a buyer would need to review the language within their contract for the presence of such a provision.
  • Military membership. Florida also allows those in the military the ability to terminate a contract if they get a permanent change of station. In order to apply, the potential buyer must be relocated 35 miles or more from the property and provide a copy of military orders or a written verification signed off by the commanding officer.

Buyers can better ensure their interests are protected throughout the home buying process by having real estate documents drafted for their needs. A real estate attorney can provide this service and discuss the risks and benefits of the contract.