Legal Question in Real Estate Law in Virginia

Re: backout of a sales contract - in how many days grace period?

There is a popular misunderstanding about real estate contracts. Parties do NOT have an automatic right to cancel within 3 days. Rather, a breach of the contract, or some stated contract provision (contingency, etc) is necessary to cancel or void a contract. I hope this is helpful.

Robert J. Strupp

Robert J. Strupp, Attorney at Law, PLC

[email protected]

Re: backout of a sales contract - in how many days grace period?

Grace periods may apply to certain consumer transactions for the purchase of items involving intangible personal property, e.g., spa membership, timeshare, magazine subscription, etc.,(particularly where the buyer is solicited within his or her home by the seller); they do not, however, apply in any way to transactions involving the purchase of real property(land, buildings, etc.).

Re: backout of a sales contract - in how many days grace period?

Backing out of a real estate contract is not an absolute right... and unfortunately you have not provided enough information... one would have to see your contract to see how you have handled ALL OF ITS PROVISIONS. if you are just asking about HOA documents IN GENERAL.. then you have three days after receipt of said documents to "backout": this is not the correct term but the implication is the same: you will not go to settlement! In the event of condos it is 5 days. If you used a standard NVAR contract it spells out your timeline: please read it carefully and mark your calendar with the appropriate deadlines, not only for HOA, but also for financial contingencies, inspections and so forth. Please keep in mind that this is a very GENERAL advise.. again one would need to read you contract in its entirety to assist you properly.