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I Closed On The Sale Of My Commerical Building Can I Back Out If So How Long Do I Have.

Fraser, MI |

How long Do I Have To Back oyt Of The Sale Of A Commerical Building

Attorney Answers 4

Posted

There is no time period that allows you to back out of a closed real estate sale. The 'three day period' that you may have heard about applies in only very limited circumstances, and this is not one of them. However, if there were irregularities in the transaction (fraud, etc.), there is always a chance that there might be grounds for recision (to unwind the deal). However, these are also quite rare.
You should have a licensed attorney who specializes in real estate review your situation.

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Posted

The answer depends on your purchase agreement. There is no inherent right to cancel, at all.

James Frederick

***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!

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1 comment

James P. Frederick

James P. Frederick

Posted

I missed the fact that you had already closed. I agree with my colleagues. There is nothing left to back out of. This is a done deal.

Posted

Absent some provable fraud, duress, or other extenuating circumstances, once you have closed, you cannot "back out."

What happened?

NOTE: (1) I may be guessing and/or not even licensed in your state; (2) We have not established an attorney-client relationship; (3) Sometimes you get what you pay for; and (4) If you want to send me a gift, my favorite color is orange.

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Posted

You can see an attorney with the documents to see if there is an escape clause or a defect in the transaction, but generally, once the deal is closed, it is closed. Seek counsel if you think you have an argument.

To the PROSPECTIVE client, please call myself or another attorney for your choice with more detaiils and an appointment. My PRELIMINARY answer to your question(s) is for general purposes and based upon what little information you have conveyed. It is based on such limited information that the general answer should never be relied as a reason for your action or inaction. My response does NOT establish an attorney-client relationship and such may only be established by mutual agreement, and the signing of a written retainer agreement, which will generally require payment for our services, as this is what we do for a living and, just like you, we must get paid for our work.. .

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1 comment

James P. Frederick

James P. Frederick

Posted

Hence the term "closing." ;-)

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