Legal Question in Real Estate Law in New York

Re: 3 day waiting period

Under Florida law, unless otherwise provided, any time designation under 10 days is business days. Not sure what you mean by a rescission period under the contract. Good Luck

Re: 3 day waiting period

It sounds like you are referring to what realtors in upstate New York call an "offer to purchase" or "binder," which is a preliminary agreement that may or may not be an enforceable contract. Typically it calls for a small deposit from the buyer and may specifically provide for a short period of time for a sale contract to be prepared by the seller's attorney. It generally lacks many necessary provisions that you would find in a sale contract.

If this is what you signed and the buyer is trying to get out of the deal, normally the buyer would lose the deposit (often held by the realtor), which may or may not be a sufficient deterrent. Depending on the actual language of the document you and the buyer signed, you may have additional rights against the buyer, but without a properly executed sale contract (which I assume was not signed), your rights as against the buyer are likely to be pretty limited. Whatever document you did sign should also be reviewed to determine how to properly calculate the "grace period" for terminating the agreement.