How to Cancel a Real Estate Contract

How to Cancel a Real Estate Contract. If you have buyer's remorse and want to cancel a purchase agreement for a home, you may be in for some difficulty unless you have nice sellers or a friendly contract with out clauses. Agreements vary in how easy they make it to cancel.

Read the contract carefully before you sign it. If you are unsure about the out clauses, don't sign. The best time to cancel a purchase agreement for a piece of property is before you sign it at all.

Analyze the out clauses of your contract. Many purchase agreements contain clauses that allow cancellation if the roof isn't repaired, for example. If the specified conditions aren't met, you can certainly cancel the real estate contract without problem.

Ask the buyer if you can cancel the contract. If you plead that you have changed your mind and no longer want the property, the buyer may be sympathetic and let you out of the agreement.

Have the home inspected by a professional home inspector. Tell the inspector that you want every problem with the home noted on the inspection, even the little ones. Most real estate contracts are contingent on a successful home inspection. If the home inspection doesn't come up to your liking, you can cancel the contract.

Find out your state's laws about grace periods in real estate contracts. Some states have buyer's remorse clauses that allow buyers to back out of contracts within a certain number of days of signing the agreement.

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