Legal Question in Real Estate Law in Connecticut

Can I terminate a real estate contract?

I just signed a real estate contract today and have since found out that my source for

my down payment and closing costs is no longer there. How can I get out of this contract? Do I have 3 days to back out of this contract?


Asked on 3/10/01, 11:23 pm

1 Answer from Attorneys
Philip Schnabel Schnabel Law Office

Re: Can I terminate a real estate contract?

There is normally a standard clause allowing a buyer to rescind a real estate contract if financing cannot be arranged from a lender. The buyer must have made good faith efforts to find a lender, but if the buyer cannot, then a notice in writing must be given to the seller, usually within 5 days of the failure to get a mortgage commitment.

Read more
Answered on 5/22/01, 10:55 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Connecticut