Once a cancellation notice of contract to sale is signed by the buyer, how long does the seller have to sign it?
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Once a cancellation notice of contract to sale is signed by the buyer, how long does the seller have to sign it?
I was unable to obtain a loan because my
lender would not approve the HOA.
Asked on November 28, 2018 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
There is no set time period; IF the buyer had a right to cancel (see below), the seller should sign in a "reasonable" period of time.
Not that unless you had a finance contingency in your contract--that is, a provision in the contract that if you did not receive financing within a certain period of time, you could cancel and get your money (deposit) back--there is no right to cancel. If you did not have such a contingency, loan or no, you are bound to the agreement and must go through it--or else lose your deposit and possibly be sued for additional amounts, too.
If you did have a finance contingency with which you have complied and the seller does not sign and allow the return of your deposit within what seems to be a reasonable time, you could sue the seller to enforce you rights and get your money back.
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