Legal Question in Real Estate Law in Oklahoma

Days a seller has to cancel a real estate contract.

I enter into a contract on a sale of my home and wanting to know if there is a time period to cancel a contract after signing it in the state of Oklahoma.

Asked on 3/16/01, 12:27 pm

1 Answer from Attorneys

Jimmy D. Turner Jimmy D. Turner , Attorney at Law

Re: Days a seller has to cancel a real estate contract.

As I interpret your question, you are asking whether or not there is some sort of "cooling off" period under Oklahoma law that will allow you to reconsider an otherwise valid contract for the sale of your homestead and cancel it by your unilateral act.

Any time limit would be very brief, at most a matter of days, so I realize that you need to find this out in a hurry.

However, the answer is that there is no such general right of cancelation provided by the laws of this state.

It is always possible to enter into an agreement with the other party to rescind the contract, but any such rescission will be voluntary on the part of both parties.

Generally speaking, you should consult an attorney before executing a contract for the sale of any Oklahoma real property. Afterwards is too late. As a rule, the contract is binding once it has been signed by all of the parties.

The foregoing assumes that the agreement is lawful and binding in all other respects. If not and if you are unhappy with the bargain that you have struck, there may be other applicable remedies. You should consult an attorney promptly and inform him or her fully of the circumstances. At a minimum, he or she will need to know the exact terms of the contract and all of the relevant circumstances surrounding its negotiation and execution.

Do not delay. Usually, there are certain time requirements and statutes of limitation that can affect your rights to proceed with a legal action.

I hope that you are able to resolve this matter to your satisfaction.

This response will constitute my only involvement in this matter unless other arrangements are made.

Thanks for your question.


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Answered on 5/25/01, 10:52 am

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