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Hello, is a person allowed to walk away from a purchase contract within the 14 day inspection period? Do the 14 days start the day the offer is accepted?
What does the contract say? Issues surrounding the buyers ability to "walk away" should be covered in the contract. Each state has different real estate laws. Without more info there is no way anyone can answer your questions.
In my area I could write a "as-is" contract that allows the buyer to walk if the estimate for repairs to a house exceed a dollar value.
The time limits normally start the moment you have a contract, but I could write a contract that specifies calendar days or business days.
A buyer can walk away at anytime, for any reason, they may be in jeopardy of losing their security deposit and or civil litigation.
Ok, you're in Florida. Yes. Depending on how the contract is written, you can walk. If a standard Far/Bar "as is" contract is used, you can walk for any reason having to do with inspections...it is written to say that it is at the buyers sole discretion. The 14 days, as do all other time periods, start when the contract is executed. Executed means when the final person signs or initials any changes and it is delivered back to the other party or their representative.
To any Florida real estate pros - you might want to qualify the statement "walk away" for this person. I'm in Oregon so I'm not sure that its the same but I think it would be important for this person to understand that they need to actually take a positive action to terminate the contract. Here we'd write an addendum that says "The buyer rejects the inspection report and hereby terminates this transaction..." There may be other ways in Florida, but I don't want to mistakenly assume that the OP understands that---and ends up just walking.
gc333 - are you working with a real estate professional in this purchase? If so, what did THEY tell you? If not, here's a great example of why you might consider one for the next time you find a home you love and want to buy.
Dave I tried to rep you, but I've done it too many times. Sorry.
I agree with Dave. Most contracts don't have a random "walk away" period for no reason. You usually have to terminate with a contingency within the contract. READ your contract and it will clarify under what contingencies you can terminate the contract.
In Florida, depending on the contract you are using, there will be an inspection period.
On the 'as is' contract, you can get out of the deal for any reason, it is your sole discretion. You would need to submit in writing a cancellation of contract specifiying the 'inspection clause' within the time period of your inspection... as in the contract says 10 days for inspection, you have to submit the cancellation of contract within that 10 days.
If one of the other standard state contracts was used then you have a certain period to inspect. If the cost to repair the warranted items exceeds the cost allotted in the contract for the seller to pay, then either party can get out of the contract if submitted in writing in the time period allotted. There are addendums that can be attached to the contract changing those terms.
In Florida, everything has to be done in writing.
In regard to inspection periods in FAR/BAR contracts ... When does the 10 day inspection period starts and end. If effective date is the 5th ... would you count that day? So it would be the 14th or is it the 15th?
In regard to inspection periods in FAR/BAR contracts ... When does the 10 day inspection period starts and end. If effective date is the 5th ... would you count that day? So it would be the 14th or is it the 15th?
Usually day 1 is the day after you date the contract which would then be the 15th.
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