Isn’t there a law out that the buyers or sellers can back out of an accepted offer for any reason with 5 days of acceptance?

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Isn’t there a law out that the buyers or sellers can back out of an accepted offer for any reason with 5 days of acceptance?

Asked on June 20, 2018 under Real Estate Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, there is no inherent right for either side to back out of an accepted offer for any reason. A party to a real estate contract (a contract is formed once the offer is accepted) can only get out of it if:
1) There is some term or provision (e.g. a "contingency") in the contract which allows them out, and they fully comply with it; 
2) The other party committed fraud--that is, lied about somethint material or important to get the party looking to get out of the contract to agree to it and enter into it in the first place; 
3) The contract becomes illegal or undoable due to an act of government (e.g. eminent domain; changing zoning) or nature (e.g. a hurricane or mudslide destroying the property) or criminal act of a third party (e.g. arson, burning the property down); and/or
4) The other party breaches, or violates, the contract, in a material or imporant way, such as by not making a required payment, or not providing clean title.
Otherwise, both parties are bound to the contract.


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