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Im the seller and I entered into a purchase agreement yesterday.

I'm the seller and I...
I'm the seller and I entered into a purchase agreement yesterday. I backed out of the contract today. The buyer is now threatening legal action. In Michigan, isn' there a law about you can break a contract 72 hours in business days after signing the contract?
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Answered in 1 minute by:
6/16/2013
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 39,512
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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Is this in regard to a real estate sale or some other type of contract?
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Thanks
Barrister
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Customer reply replied 4 years ago

selling of a home

Ok, unfortunately no, there is no 3 day right of rescission in a real estate contract.

Many consumers are under the impression that they have a 3-day right to cancel any and all consumer purchases. However, this is not true. The right to cancel law applies only to very specific situations.

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The 3-day right to cancel law applies to sales made to consumers at facilities other than the seller's place of business. Such locations may be the consumer's residence and places rented on a temporary or short-term basis, such as hotel rooms or convention centers.

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A "home solicitation transaction" takes place whenever a consumer purchases goods or services for more than $25 payable in cash or installments at a place other than the seller's place of business. The place other than the seller's place of business may be the consumer's home, but it may also be a place that the merchant has rented on a temporary basis, such as a hotel room or convention center.

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So since you are the actual seller, then even if this was a contract that was subject to the 72 hour option, it is the buyer who has that option, not the seller.

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I hate to say it, but there would not be any way to get out of the contract without potential legal repercussions from the buyer.

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I am sorry to have to provide you with bad news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers, even when an answer is not favorable to the customer.

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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.


 

 

Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 39,512
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified
Barrister and 87 other Legal Specialists are ready to help you
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Customer reply replied 4 years ago

I appreciate your honesty. The other lawyer on your site said that we could hold him up through the appraisal process and financing. How would we do that?

Well, that would likely involve you making it difficult to be available to allow inspections of the property. The appraiser will have to do an appraisal and if they can't get in to view it, then it may be difficult for them to get an accurate appraisal. So if you were always "unavailable" to allow inspections or appraisal, that would gum up the works for the deal.
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You could always just breach and see if they wanted to incur the costs of trying to sue to enforce the contract. You would lose if they did, but if there was nothing in the contract about the breaching party being responsible for the other party's legal costs, the buyer would have to come up with probably $3-5K to pay an attorney to get him interested in the case.
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So it all depends on how determined the buyer is for the sale to go through as to how far they will take it.
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Thanks
Barrister
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Customer reply replied 4 years ago

Thanks a lot.. I'll take a look at the contract. You've been very helpful!!!

You are very welcome. Glad I could help a bit.
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Thanks
Barrister
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Barrister
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 39,512
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Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs

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