In Missouri do you have a right of recession on real estate purchases, can you back out of a purchase and legally receive your earnest money back?

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In Missouri do you have a right of recession on real estate purchases, can you back out of a purchase and legally receive your earnest money back?

I entered into a contract to purchase a condo in Clayton Missouri in St Louis
County. I determined that the payments were going to be to high, the contract was
signed on Tuesday July 12, 2016, I sent the seller notice today that I could not
purchase the condo. Do I have a 3 day right of recession and am I entitled to the
return of my earnest money.

Asked on July 13, 2016 under Real Estate Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

There is a three-day right of rescission in regards to the mortgage, but there is generally no right of rescission for the real estate sale contract (i.e. no right right to get out of the sale) unless the contract itself contains provisions or terms letting you rescind or or terminate the contract, and you fully comply with those terms, or unless the seller breaches the contract in some material or important way. Review the contract to see what your rights are under it; if it's important for you to get out of the contract, it's also worth it for you to consult with a real estate attorney right away to explore your options.


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