We often get asked by buyers if they can terminate a real estate contract they’ve signed due to a change of heart or because they found a different house they like better. Often times, if the contract has been executed, meaning both the buyers and sellers have signed it, in the state of IN there are a few ways to get out of the contract during the inspection period. Typically once a contract has been executed there is an inspection period, often five to seven days. During this time the inspection will occur and we will negotiate inspection items needing to be repaired. In most contracts, there is a clause where if you are unhappy with something in the inspection report you as the buyer can get out of the contract and get your earnest money refunded to you. Typically we will send a mutual release form to the seller's agent saying the buyer would like to get out of the contract due to inspection issues. Then we will then create a form which the buyers and sellers sign asking for a refund of the earnest money.
Things to Consider when Buying a Flipped Home
