Need a quick response... an offer is not official until documents are signed right?

pmaurer74

DIS Veteran
Joined
Apr 29, 2010
The contract I have been waiting for I received notification of today but I cannot discuss with my husband until later. I am planning to make an offer but we can still back out until documents are signed right?
 
The contract I have been waiting for I received notification of today but I cannot discuss with my husband until later. I am planning to make an offer but we can still back out until documents are signed right?
Assuming the transaction is taking place in Florida, Florida real estate laws give you 10 days after signing the purchase agreement to rescind
 


By federal law, all contracts involving real estate must be written to be binding upon each party. Offers, without a written contract spelling out the term, are not binding.
 
To be complete, I think Hilton Head is 5 days and Aulani would be 7 days.

When you sign your paperwork you should see a notice that says this:

You may cancel this contract without any penalty or obligation within 10 days after the date you sign this contract. If you decide to cancel this contract, you must notify the seller in writing of your intent to cancel. Your notice of cancellation shall be effective upon the date sent and shall be sent to the seller at (address) . Any attempt to obtain a waiver of your cancellation right is void and of no effect. While you may execute all closing documents in advance, the closing, as evidenced by delivery of the deed or other document, before expiration of your 10-day cancellation period, is prohibited.

If you don't see that notice then, if my reading of the law is correct, you have one year after closing to cancel. But, IANAL.
 
By federal law, all contracts involving real estate must be written to be binding upon each party. Offers, without a written contract spelling out the term, are not binding.

No such federal law of general applicability that I am aware of. Requirements for a writing are state law and each has its own laws/statutes, which have similarities among the states because they stem from legislation passed in England in 1677 called the Statute of Frauds. As to the sale of real estate in general, that statute only requires a writing showing agreement to material terms signed by the party against whom enforcement of the agreement is sought. As to particular forms of real estate transactions, particularly relating to consumer purchasers, there can be other state laws providing further protection, e.g., as to timeshares you have the rescission right that can be exercised even after there is a signed and valid agreement, but as noted above how long that right to rescind lasts varies among the states.
 



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