Can I get out of a contract to buy a house if I already closed on it?
Question Details:
I closed on a house 3 days ago. Can I still get out of the contract? I thought you had 3 business days on any contract in the state of Texas. What fees will I be responsible for?
Real Estate Law Answers
Once title passes you are the owner - period. There is no contrct to now get out of. In order to have gotten get out of this contract, you would have had to have done so before closing. Even then, once the contingencies had been met (for example the financing, inspection, etc), you would have had your deposit money at risk.
Some contracts provide for a "right of rescission" after 3 business days, but a real estate contract is not one of them. I'm afraid the only way to "get out" of this is for you to put the house on the market and sell it.
However, depending on the circumstances, if you took title with a warranty deed or the like, and there was a breach of the warranty, you could pursue an action against the seller for damages. But again, the house is yours at this point.
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