How Do You Rescind A Real Estate Contract?
Rescission of a contract is an legal term of art that essentially means the contract never existed in the first place. Rescission will forgive both parties in the contract from performing any further duties. For real estate contracts, rescission could be a remedy in a number of different instances. For example, the house may contain defects that the buyer could not easily discover (such as severe water damage in hard-to-reach locations). Rescission could be available if the other party made material misrepresentations to you. Attempt to mutually rescind the contract. You can rescind a contract if both parties agree to rescind the contract. This is the quickest and most ideal way of rescinding a contract. Speak with the other party in the contract and attempt to negotiate a rescission of the real estate contract. If the other party agrees, then the contract is rescinded. Hire a lawyer and sue the other party seeking rescission as your legal remedy. Rescission is not readily granted by t
