What can happen if you cancel an earnest money check 3 days after you notify the seller of rescinding your purchase agreement?
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What can happen if you cancel an earnest money check 3 days after you notify the seller of rescinding your purchase agreement?
Asked on December 21, 2015 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
It depends on whether the purchase agreement allowed you to rescind or cancel it at that time and/or for the reason you did. While there is a three-day right of recission for mortgages and for certain services (e.g. certain home repair/renovation contractors), there is no inherent right of rescission for a home purchase in your state: once you enter into the contract, you are bound immediately. Thereore, unless the contract itself provided for some escape clause for you, you could not rescind it and/or cancel the deposit without the consent or agreement of the seller; and if you do, the seller has the right to sue you to enforce the contract and get the money to which it he or she is entitled.
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