Real estate agreement of sale ? Realtors/lawyers?

[mommy2emily]

Would anyone know the answer to this. Friends of ours signed a contract on a 2nd home and have 3 days for attorney review starting tomorrow. Have not given a deposit yet. Can they back out of the offer or do they need a specific reason?
Closing in 30 days. Bank commitment letter required in 20 days.
All the information I know.
Thanks in Advance!!

 

[bdcp]

I think they can back out for any reason during the 3 days. But, bigger question is, why don't they just read the contract that they signed? That should have their answers. Normally, the most that can happen is you lose any deposit, but since they haven't made any, there isn't any to lose. That's a fast escrow but real estate laws do vary by state.

 

[LilyWDW]

Would anyone know the answer to this. Friends of ours signed a contract on a 2nd home and have 3 days for attorney review starting tomorrow. Have not given a deposit yet. Can they back out of the offer or do they need a specific reason?
Closing in 30 days. Bank commitment letter required in 20 days.
All the information I know.
Thanks in Advance!!

Have them read the contract (though they should already have done so before signing). That is really the only way to know for sure because it all depends on what their particular contract states.

 

[WheelCEO]

In Florida, a contract is always "with the right to inspection".. that is your back out.

In this case , they have 3 days to review which would be their grace period.

 

[ccgirl]

Realtor here. It really depends on their contract. Here, most offers are written that state a certain amount of $$ needs to be found during the inspection in order to back out. Also, I know of no offer that would be accepted without any earnest money. They really need to read their contract to know.

 

[mrssmith06]

I don't know your state real estate laws but I would think that 3 days is their grace period to change their mind. Have they read the contract carefully? There are usually a few stipulations listed that allows the contract to be broken (such as the home inspection or being unable to obtain financing, etc). No one should sign a contract unless they are certain of what they are signing. Good luck.