3 Day Right Of Rescission Florida Real Estate
Florida is a popular destination for real estate investors and homebuyers. Before you sign a contract to purchase property in Florida, it is important to understand your rights as a buyer. One of those rights is the 3 day right of rescission. This article will explain what the 3 day right of rescission is, how it works, and what you need to know to exercise this right.
What is the 3 Day Right of Rescission?
The 3 day right of rescission is a legal right granted to buyers of real estate in Florida. It allows buyers to cancel a real estate contract within 3 days of signing it without penalty or consequence. This right is granted to buyers under Florida law and is designed to protect buyers from making hasty decisions or being pressured into a contract they don't want.
How Does the 3 Day Right of Rescission Work?
If you are a buyer of real estate in Florida, you have 3 business days to cancel your contract after signing it. This means that if you sign a contract on Monday, you have until the end of business on Thursday to cancel the contract. If you sign a contract on Friday, you have until the end of business on Tuesday to cancel the contract. If you sign a contract on a weekend or holiday, the 3 day period starts on the next business day.
To exercise your right of rescission, you must provide written notice of your intent to cancel the contract to the seller or their agent within the 3 day period. This notice must be delivered in person, by mail, or by fax. Email is not considered a valid method of delivery for this notice.
What You Need to Know to Exercise Your Right of Rescission
Before you exercise your right of rescission, there are a few things you need to know. First, the 3 day period starts on the day you sign the contract, not the day you receive it or the day it is dated. Second, if you cancel the contract during the 3 day period, you are entitled to a full refund of any money you have paid, including any earnest money deposit. Third, if you cancel the contract after the 3 day period has expired, you may be subject to penalties or damages.
It is also important to note that the 3 day right of rescission does not apply to all real estate transactions in Florida. It only applies to certain types of transactions, such as those involving a new home or a home sold by a developer. It does not apply to transactions involving commercial property, rental property, or property sold at a foreclosure sale.
Conclusion
The 3 day right of rescission is an important protection for buyers of real estate in Florida. It allows buyers to cancel a contract within 3 days of signing it without penalty or consequence. If you are a buyer of real estate in Florida, it is important to understand your rights and know how to exercise them. By doing so, you can protect yourself from making hasty decisions or being pressured into a contract you don't want.