How long does a buyer have to terminate a contract after signing?
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How long does a buyer have to terminate a contract after signing?
After the buyer signed the contract there was a inspection. Inspector found somethings that need repaired. The seller agreed to get estimates and fix the repairs. The seller asked if buyer would pay for the repairs and the buyer agreed and signed the addendum. At the 3 day mark seller terminated the contract. Is the seller still
obligated?
Asked on January 28, 2019 under Real Estate Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
There is no time or period after signing the addendum regarding the inspection and repairs during which the buyer can terminate the contract. Once the buyer agrees to take the house "as is" after the inspection and make the repairs himself, he is obligated to the contract and has given up the chance to terminate or cancel it.
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