If a contract is signed for a business and real estate, how long does the seller have to back out of the sale?
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Read More Answered By: Mel Larew |
Based on the information you have provided, you need to look at the written contract. If there is a provision regarding a right of rescission that will control and should include a time period to exercise that right. If there is no such provision then there is no right to back our of a sale. If there is no written contract then the contract is arguably of no legal effect, but that also depends on all the circumstances. It would be best to see an attorney in your area in person.
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