Once a cancellation notice of contract to sale is signed by the buyer, how long does the seller have to sign it?

I was unable to obtain a loan because my
lender would not approve the HOA.

Asked on November 28, 2018 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

There is no set time period; IF the buyer had a right to cancel (see below),  the seller should sign in a "reasonable" period of time.
Not that unless you had a finance contingency in your contract--that is, a provision in the contract that if you did not receive financing within a certain period of time, you could cancel and get your money (deposit) back--there is no right to cancel. If you did not have such a contingency, loan or no, you are bound to the agreement and must go through it--or else lose your deposit and possibly be sued for additional amounts, too.
If you did have a finance contingency with which you have complied and the seller does not sign and allow the return of your deposit within what seems to be a reasonable time, you could sue the seller to enforce you rights and get your money back.


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