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Marsha411JD
Marsha411JD, Attorney
Category: Legal
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Experience:  Licensed Atty, 28 yrs exp in the practice of law.
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My daughter made an offer to buy a house in Potomac MD for

Resolved Question:

My daughter made an offer to buy a house in Potomac MD for $1,250,000 Tues 5/7/13
which was accepted & purchase documents were signed shortly thereafter.

The contract required the payment of a $100,000 deposit within 5 days and was subject to an inspection within 5 business days.

This morning 5/9/13 the buyers had a change of heart & no longer want to go forward with the purchase.

Is there a provision under MD law that would allow a buyer to cancel this type of contract without penalty, provided the cancellation occurred with x days of original signing?

If yse, what is the time restriction?
Submitted: 1 year ago.
Category: Legal
Expert:  Marsha411JD replied 1 year ago.
Hello,

Thank you for the information and your question. No, absent there being a contingency that the buyer can use to get out of the contract, there is no right of rescission or cancellation based on a certain number of days. It is unfortunate that your daughter didn't have a Realtor who advised her that if she wanted to cancel, her best avenue for doing that would be to have the inspection on day 5 and then cancel based on something in the inspection that she decided she didn't like. In other words, an inspection contingency is a good way out of a contract. The problem here is that your daughter has already stated her desire to not go through with the purchase presumably before she has even had the inspection done. So, if she now goes ahead and does the inspection and then cancels, the seller may challenge the good faith of that inspection. That avenue though is still open to her and may be her best avenue if this seller is going to file suit for either specific performance or the earnest money.

She though should be speaking to her Realtor or a local real estate attorney to make sure she has the best strategy.

Please let me know if you need any clarification. I would be glad to assist you further if I can.
Marsha411JD, Attorney
Category: Legal
Satisfied Customers: 17407
Experience: Licensed Atty, 28 yrs exp in the practice of law.
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