Legal Question in Real Estate Law in Illinois
Builder new contract
My husband and I just signed a contrat with a new home builder, developer and now find that we do not want the purchase. I was under the assumption that we had 72 business hours if we wanted to cancel the contract. That's why we signed. We now find out that the 72 hour rule does not apply to real estate. Can that we true? If so, we are devistated, that's why we thought we had time to think it over. Can you help us as we just signed the contact? Thank you, Ted and Theresa
2 Answers from Attorneys
Re: Builder new contract
I'm not sure where people get the idea they can cancel any contract within 72 hours. It just ain't so. There is a limited right to recind (cancel) a contract when you are refinancing your existing residence, or in certain circumstances related to door to door sales. In most other circumstances, when you sign on the bottom line, you are bound by the terms of the agreement, provided all the elements of a contract are there. Your only hope is to contact an attorney in your area to discuss the specifics of your situation.
Re: Builder new contract
You're essentially stuck. You should probably try to flip the house - meaning sell it to somebody else on the same day as your purchase. There are other ways that you may get the builder to back off if you have an attorney approval clause in the contract. If you do, get the contract to an attorney within that time limit so they can work on it.
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