Real Estate Law
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I'm Lucy, and I'd be happy to answer your questions today.
The terms of the contract usually state whether it can be cancelled, by whom, and under what circumstances. There isn't any sort of "cooling off" period in South Carolina that allows automatic cancellation when the contract doesn't allow it, unless you were buying a time share. There ARE some form contracts used by realtors that include a clause giving the buyer a unilateral right to cancel - your realtor may be able to tell you if that's what was used. Ask then to show you the clause if there is one. That's not a contract they're required to use by law, so there's no way to know if you have one without looking at it.
With that said, MOST real estate contracts contain contingencies, and if a contingency is not satisfied, the buyer can walk away. One of the most common is a financing contingency, meaning that a buyer can cancel if they aren't able to get a loan to make the purchase. The other big one is the inspection contingency - meaning that the contract is contingent upon the results of an inspection that shows the home's condition. Usually, a buyer who exercises either of these contingencies will forfeit any earnest money paid, so read the contract carefully to see what it says.
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