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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38205
Experience:  17 years real estate, Realtor. Landlord 26 years
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We signed an agreement with a 55 and over builder and put

Customer Question

we signed an agreement with a 55 and over builder and put money down. We had second thoughts and asked to terminate agreement and refund our down 2 days later.
JA: Where is the property located?
Customer: Bradenton Florida
JA: Has any paperwork been filed?
Customer: signed agreement but no permits taken out. Not sure what filed means
JA: Anything else you want the lawyer to know before I connect you?
Customer: does florida have a law theat a buyer has so many days to terminate agreements. We felt rushed and pressured
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  Barrister replied 1 month ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Unfortunately, there is no right of rescission in a building contract unless it specifically states so in the contract. So if it doesn't have anything in it giving you X days to change your mind, getting cold feet about the purchase wouldn't give you a legal ground to get out of the contract.

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However, if you terminated quickly, before the builder actually did anything or incurred any expenses, you could then try to sue for a return of the deposit and argue that since he suffered no damages, he shouldn't be entitled to retain your deposit.

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But the contract will usually control what happens in the event of a default on either side and it normally says that the builder just keeps your deposit.

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However, builders don't like to be sued and if you had a local attorney send a letter threatening to do so, they might negotiate a settlement where they refunded a portion of the deposit to you rather than get dragged into courtl.

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thanks

Barrister

Expert:  Barrister replied 1 month ago.

Hello again,

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I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

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Thanks much

Barrister