Legal Question in Real Estate Law in Maryland
Right of Contract Recision
If a buyer gives an offer to purchase a residential property, and the owner accepts the offer, thus making it a ratified contract, does the buyer have three days or 72 hours in which they may change their mind and withdraw their offer or back out of the contract?
Asked on 4/07/02, 9:45 am
2 Answers from Attorneys
Alton Drew
Alton Drew, LLC
Re: Right of Contract Recision
No. Once a clear offer has been made and there is acceptance of the offer, a valid, enforceable contract exists. Since this is a contract for the sale of land, it should be in writing pursuant to the Statute of Frauds.
Answered on 4/07/02, 5:42 pm
Daniel Press
Chung & Press, P.C.
Re: Right of Contract Recision
No.
Answered on 4/07/02, 12:01 pm
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