Quote:
Originally Posted by RickeyD
The right of recision statute given to NY residents goes back to the days when unsavory people in Florida were selling swampland to unsophisticated northerners. Although this business practice may no longer be happening the statue remains in place. We were made aware of this from our Villages REA who actually encouraged us to use it to our benefit twice. We allowed our 7 days to pass on the third contract and went to closing on our designer in The Villlage of Lake Deaton 23 days later.
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New Jersey also allows residents 7 days to back out of a contract with an out-of-state builder without suffering any loss (loss of deposit). The Villages salesperson told us of this right and he actually wrote that date on the top of our contract. As it came to be, we did cancel our first TV contract because there was an issue that was not fully disclosed to us (and was not evident when reading the contract - FEMA flood zone). We went through with the second contract -- happily! My husband and I have bought and sold more than a dozen properties so we are quite comfortable with real estate transactions but this one issue was a no-go for us so we cancelled. I am not sure how many other states have laws that allow their residents to cancel a real estate transaction but I do know NY and NJ give you a week (maybe 3 or 5 days for Ohio, Michigan, but very few others).