How to Cancel a Contract

Entering into a purchase contract, listing agreement or a buyer’s broker contract is a big step for any prospective home buyer. A contract is any document that binds you to a particular agreement, and if you are unsure about what you’re signing or are having second thoughts about a contract that you have already signed you may be wondering if there is any way to cancel the contract once it has been signed. Before signing any contract when dealing with real estate transactions, it is important that you find out before you sign if it can be cancelled if you change your mind. But if you have already signed and have had a change of heart, there may be clauses included in the contract that may give you a way out.

If you are interested in cancelling listing agreements the following information may help. Before signing a listing agreement you should ask your agent if the agreement can be cancelled for any reason once it has been signed. If their answer is no, then you may want to find another agent to list with. You should choose a listing company that will put your mind at ease not cause you more reason to worry about your agreement. If your agent is refusing to cancel the listing agreement, your next step would be to contact the broker and as them for a cancellation. The broker may be able to do what the agent refuses and allow you to cancel the contract.

Once you have spoken to the broker and if they decline to cancel the agreement you can always ask them to assign a new agent to your listing. Maybe a new agent will make you feel better about listing with company. If you’re still unhappy dealing with the agency your next step would be to consult a real estate attorney. Your agent can provide you with a form called Termination of Buyer Agency. Once this form is properly acknowledged and executed, it will cancel an oral or written agreement that you had with the agency.

If you need to cancel a purchase agreement you should thoroughly read your agreement and look for any cancellation clauses that may be included. Depending on which state you live in, if an inspection is completed upfront and a purchase offer has been signed the offer is binding. In other states if an inspection takes place after the offer has been signed you may be able to get your deposit back if you cancel the agreement once the inspection has taken place. Federal law also allows buyers ten days to inspect the home for lead paint. If, during this time you wish to cancel the agreement you can ask your real estate agent which form you need to sign. Buyers do not lose the right to cancel simply because the contract cancellation period has expired. You have the right to ask for a cancellation until the seller objects.

If you are still unsure where you stand legally when trying to cancel a contract, you should consult a real estate lawyer who will be able to explain all of your options regarding cancelling a real estate contract.

Deal of the Month #2 – Dean Graziosi Cashes in on 21 Acres

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How Dean Graziosi Cashed in on “21″ With None of His Own Money

No, I’m not talking cards, I’m talking acres. In this month’s “deal of the month” you’ll learn how I structured a great deal on 21 acres I wanted to subdivide, by thinking a little differently. It wasn’t a bargain piece of property, I paid the seller full price for it. I also had some challenges because I didn’t have the money to buy the property and there were upset neighbors who didn’t want me to do what I had planned.

Watch and learn how I bought the property using none of my own money, and how a complaint from one of the upset neighbors, gave me an idea that made everyone happy AND skyrocketed my own profits on the deal. You’ll walk away from this month’s deal with a lot of new knowledge and new capabilities to do similar deals yourself.