Can We Get Back Our Deposit?
Question: We purchased a parcel of land on Friday. Two days later we decided to cancel the transaction. (buyers’ remorse). Can we get our deposit back?
Answer: Maybe. You need to ask several questions. For instance:
First, what does the agreement say? Does it have a rescission or cancellation period during which time you can change your mind without penalty?
Second, what do the rules say? For instance, some states require a three-day rescission period for timeshares.
Third, when does the clock start running — and when does it end? The moment you sign? Midnight? Do weekends and holidays count?
Fourth, how must notice be provided? Is a certified letter with a return receipt sufficient? E-mail? A phone call? How do you verify receipt?
Have an attorney review the agreement to determine your rights — and make sure to do it quickly.
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Syndicated originally by Content That Works and posted with permission.
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