Legal Question in Consumer Law in Missouri

Re: Right of Recission

Without seeing the terms of the contract, I cannot tell you what your rights are. Your rights to cancel would be governed by the contract itself. There is no federal or state right to cancel a contract in three days except in certain circumstances involving certain sales of goods, which I do not believe apply here.

Signing a contract and placing a $5000 deposit of earnest money is a big step, and one you should not undertake unless you are willing to move forward. The seller may have rights to keep some or all of the earnest money depending on the wording of the contract.

You need to consult an attorney as soon as possible.

Re: Right of Recission

I agree with Mr. DeWitt.

In addition, you need to look at the time the work was to begin. If you just signed teh deal Sunday, there may be a chance that the builder has not done anything with it since then. Lets assume foir a moment that you request the money back, the builder refuses, and you wind up suing. If the builder has purchased specific materials for you job, and assigned specific employees, or passed up other prfitable jobs, then you could be liable for the entire $5,000 or more depending upon the terms of your contract. The sooner the builder is told about the cancellation, the better for you. For this reason, you should pay an attorney to read all the documents regarding your deal, and if they agree, let the builder know about the cancellation today.

Good Luck,

Tony Smith