Can a homeowner change their mind after closing?
Yes, in some cases this is possible if they closed on an Option 1, they may notify the state within one year after the closing of their desire to reverse their decision and choose Option 2 or 3, though the applicant is then responsible for any additional closing costs and changes in award amounts. If they closed on an Option 2, they may notify the state within one year after closing of their desire to reverse their decision and choose Option 3. Again, the applicant is responsible for additional closing costs and their award amounts will be adjusted according to the option chosen. Covenant Requirements 7. What if the homeowner chooses Option 1, has gone to closing and received their funds and now wants to sell their home? After funds have been disbursed to a homeowner who selected Option 1, a homeowner can choose to sell their home during the term of the covenant to a buyer who is willing to assume the covenant requirements. The new homeowner is subject to all the covenant obligations w
Related Questions
- What must Sellers of condos and properties with homeowners associations disclose (and Buyers know) before - rather than after - the closing?
- What is included in my Homeowner’s Insurance policy cover? Is there anything specific I need to keep in mind before buying a policy?
- What if the homeowner chooses Option 1, has gone to closing and received their funds and now wants to sell their home?
