It depends. If you are changing your mind about a property that you are purchasing in Florida, you may be able to rescind your property purchase agreement under certain legally recognized scenarios.
Before the window closes
Florida law provides a “cooling-off” period for buyers, giving them a brief window to cancel the agreement without penalty. Depending on the type of property you are purchasing, you can rescind the agreement within:
- 15 days if you are buying a new condo directly from a developer
- 7 days if you are buying a resale condo
- 3 days if the property is governed by a homeowners association (HOA)
- 10 days if you are purchasing a timeshare property
All these statutory windows start from the day you signed the purchase agreement.
Contractual contingencies
If your cooling-off window has closed, your next safety net lies within your contract. If your agreement includes standard contingency clauses ‒ such as an inspection, financing or appraisal contingency ‒ you can legally cancel the transaction. Triggering these clauses may allow you to walk away safely without forfeiting your earnest money deposit.
Common-law grounds
Even if the window period has passed and you don’t have a contingency plan to safeguard you, common law may still give you grounds for rescission. An attorney can help you rescind the agreement by proving to the court that:
- The seller materially failed to meet an obligation under the purchase agreement
- The seller concealed or misrepresented a material fact affecting the property’s value or desirability
Nevertheless, the homeowners are not required to voluntarily disclose information related to psychological stigmas, such as whether the property was the site of a homicide or suicide.
How can a legal guide help?
Rescinding real estate contracts without legal grounds can cost you your deposit or worse, result in a lawsuit. If you are planning to back out of a property purchase, a legal guide experienced in Florida real estate law can review your contract, identify your options and help you protect your financial interests.
