once a real estate contract is signed is there a grace period of 3 days to cancel the contract?

Most states do not have some general three day right of rescission for real estate contracts. There is a three day right of rescission under the federal Regulation Z which allows a three day business days (including Saturday) right of rescission for consumer credit transactions, such as a line of credit on the home. This right does not apply for residential first purchase mortgage loans.

You should speak with an attorney regarding your issue. Contact people you know and trust for referrals. If you have no referrals, contact your local bar association for their referral program. Good luck.

DISCLAIMER—This answer is for informational purposes only and discusses general legal principles, trends, and considerations and is not intended as specific legal advice regarding your question. This answer does not establish an attorney client relationship. For legal advice, you should retain legal counsel regarding your specific circumstances.

Generally there is no right to cancel a contract for anything in life unless there is something written down in your contract paperwork that gives it to you, but you may not be stuck because there may be other ways to cancel a contract. In most states, your legal rights in a contract are mostly determined by the paperwork that you sign. Some state laws which govern some specific industries may have a right to cancel, such as dance lessons or spa memberships, but that depends on your state’s specific laws. You need to talk to a local Business Law attorney near you and find out what your state laws say. Call your local attorney's Bar Association and ask for a referral to a Business Law attorney near you. But if you have a legal problem now then you should act quickly because for every legal right you have, there is only a limited amount of time to actually file a lawsuit in court or your rights expire (it's called the statute of limitations), so don't waste your time getting to a Business Law attorney and finding out what your rights are. If this answer was helpful, please check the box below.

In New Jersey, licensed brokers and salespeople are permitted to prepare contracts for the sale of residential real estate containing one to four dwelling units and for the sale of vacant one-family lots in transactions in which they have a commission or fee interest, provided that each contract contains a clause making it subject to review by an attorney for the buyer or seller within three business days, after which the contract becomes binding unless canceled by a contracting party during that period. Thus, parties may sign a broker prepared contract for the purchase and sale of residential real estate and either party may cancel that contract within three business days thereafter by giving the appropriate notice undre the law.

Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.