Buying or Selling a Home/Recision

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Expert: - 8/29/2006


Question
Does Illinos have a 3 day period where you can back out of a contract?  We were thinking of builing a new home with a local builder.  

Thanks

Scott

Answer
I am not aware of any state permitting a 3-day right of rescission in buying real estate. I have seen such a provision in a land-out-in-the-boonies type of subdivision, but that is very rare. If the buyer (or seller) requires any contingencies that would allow them to pull out of the transaction, it must be written in the contract.

I strongly suggest you consult with a REAL ESTATE attorney to make sure you next step is correct.

I wish you well.

Dick Dennis             dixiedee13@aol.com

Buying or Selling a Home

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Dick Dennis

Expertise

With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

Experience

Solving real estate problems for 37 years.

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National Association of Realtors

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Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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