After closing can a buyer rescind on the deal?

Full question:

After closing on property, documents, fees and stamps have been executed and money has been disbursed can a buyer change their mind and say they do not want the property?

Category: Real Property
Subcategory: Sales
Date: 04/07/2025
State: Florida

Answer:

Please see the information at the following link:

http://definitions.uslegal.com/c/contracts-recission/

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is the disbursement of funds after closing?

Disbursement of funds after closing refers to the process where the lender releases the mortgage funds to the seller and other parties involved in the transaction. This typically occurs after all closing documents are signed and any required fees are paid. Once disbursed, the seller receives the proceeds from the sale, and other costs, such as agent commissions and closing costs, are settled. It's essential for all parties to ensure that all conditions of the sale are met before disbursement.

Can a home buyer change their mind after closing?

Generally, once the closing process is complete, a home buyer cannot change their mind without facing legal consequences. The buyer is typically bound by the terms of the purchase contract. However, if there are circumstances like fraud or misrepresentation, the buyer may have grounds to rescind the contract. It's advisable to consult with a legal professional for specific guidance.

What is a seller liable for after closing?

After closing, a seller is generally not liable for issues that arise with the property unless they have made specific warranties or representations in the sales contract. Sellers may be liable for undisclosed defects or fraud. Once the sale is complete, the buyer assumes responsibility for the property, barring any legal claims based on the seller's misrepresentation.

Can I get my earnest money back if I change my mind?

Whether you can get your earnest money back after changing your mind depends on the terms of your purchase agreement. If you back out of the deal without a valid reason as outlined in the contract, you may forfeit your earnest money. However, if you withdraw due to contingencies specified in the contract, you might be entitled to a refund. Always review your contract and consult with a legal professional for advice.

Can a buyer change mind after closing?

No, once the closing is finalized and the buyer has signed all documents, they typically cannot change their mind without facing legal implications. The buyer is bound by the contract unless there are exceptional circumstances, such as fraud or misrepresentation, which could allow for rescission of the contract. Legal advice should be sought in such cases.