Buying a house is likely the biggest purchase you’ll make in your lifetime. Purchasing the wrong property could leave you in a bad financial situation that makes you feel trapped. Fortunately, Virginia understands that and gives you until midnight on the third business day to terminate a purchase agreement.
When Virginia considers a real estate agreement canceled
The state of Virginia doesn’t consider a purchase agreement canceled until you notify the seller at the address listed on the agreement of your desire to cancel or when you place the cancellation notice in the mailbox, if you mail it. There is no specific form or language required if you wrote your cancellation notice clearly and delivered it to the seller by the deadline.
No seller can force you to sign a form that waives your rights to cancel. Instead of the usual midnight on the third business day deadline, your right to cancel begins on the first day you learn that the waiver you signed is null and void in this circumstance.
You cannot always cancel a real estate contract
However, Virginia law protects sellers from buyers getting cold feet and backing out of an agreement unjustifiably. You cannot cancel a real estate contract if:
You request that the seller provides immediate services or goods and the seller begins to deliver on that promise.
The seller delivers the goods you requested but you cannot return them to the seller in a similar condition to that in which you received them in.
You sign a form that says you waive your right to cancel the purchase contract if the seller delivers on your emergency request.
Don’t rush into a real estate agreement
The best way to avoid buyer’s remorse is to never rush into a purchase agreement for a home. Virginia law fairly protects both buyers and sellers of real estate from unfair agreements. That means you should think carefully before entering into any real estate agreement.