If I sign a purchase and sale agreement, do I have any time period right to rescind to cancel the agreement?
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If I sign a purchase and sale agreement, do I have any time period right to rescind to cancel the agreement?
Asked on April 4, 2017 under Real Estate Law, Massachusetts
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
In MA, there are only 2 types of contracts for which the law allows a "cooling off period" (i.e. time for the consumer to reconsider and cancel without penalty). They are contracts for health club/gym memberships and contracts resulting from door-to-door sales for certain specified goods. All other contracts are effective and binding as per the terms of the agreement (unless otherwise stated in the agreemnt itself). In other words, there is no other 3-day revocation period. Bottom line, a real estate contracti binding s of the dy that it is signed.
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