Expert: Dick Dennis - 2/22/2006

Question
Hello Dick!

My parents are looking to buy new construction in FL or SC in a Dell Web community. Would you please tell me if FL or SC law provides the buyer a 48-hour (or similar) cooling off period should they change their mind on a property before the construction actually begins (or before the ground is broken, etc)? A salesperson at a Dell Web community told them this, but also said it is NOT written in the contract, but is still a law. If so, where may I learn more about this?

Thank you very much,

Drew

Answer
I would start with the department of real estate in each of those states unless you have a real estate attorney friend who can look it up for you, Drew.

You might even try this: on your computer search browser put, "cooling off period." Or something similar.

One thing you absolutely must know: in real estate, "if it isn't in writing, it was never said." Or your parents may want to go right to the development and talk to the sale person and ask that question. If that clause is not on a sample contract, ask them if they will write it it. If they won't and that clause is a must for you, then you take a walk. In today's real estate market, the buyer rules the roost. Make sure your parents DO NOT act like they anxious to buy a residence.

There's another adage in real estate, "he who acts most anxious to make the deal, loses."

I wish you well, Drew.

Dick Dennis
dixiedee13@aol.com