Buyers Can Cancel Their Contract
Ever since I started in real estate in Wasilla and Palmer, it has been my belief that a good transaction means that all parties are happy right up to the closing table. If something comes up between the initial offer and the closing table it is important to communicate the issue to all parties. Usually, good communication can ease the problem and help all to see a way to continue the transaction.
But,if things start to unravel it is usually the buyer who initiates the recission. In Alaska, the buyer has quite a few opportunities to walk away from a deal. Here are a few of them.
- 1. At the beginning of a transaction the buyer should have an inspection done. If issues come up during the inspection, most purchase agreements allow the buyer to cancel.
- 2. The buyer should receive a copy of the seller’s property disclosure before writing an offer but that is sometimes not the case. If the buyer receives the disclosure later, he/she has three days to rescind the contract.