The three day right of rescission law in california can be a powerful tool in getting out of some contracts...just not real estate! As I've recently learned, the law isn't exactly what people think it is. Here's my disclaimer: I am not an attorney and this does not constitute legal advice. If you have a situation, call an attorney.
Some folks believe you can use the Notice of Cancellation to cancel any real estate purchase contract within the first 3 days after ratification and notice. There is a provision covered in the Business and Professions Code for the State of California explaining this. Why is this important? It is related to real estate but not real estate purchase contracts.
What do you do if you make an all-cash, non-contingent offer and want to back out? There is some basis for not proceeding including not providing proper disclosures or not disclosing something that would impact the value of the property (such as noisy neighbors, etc).
If you find yourself in such a situation, the first call to make is to your agent. They can call the selling agent and discuss backing out of the contract. If that fails, you can involve the managing brokers, a mediator, and possibly an arbitrator (if that provision are signed into the contract). It's always best to try and resolve the situation amicably.
Regardless of the course of action, having a real estate attorney available to advise you is a good way to ensure you know all your rights, options, and duties under the contract.
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Bryan Robertson, CEO | T: 650.799.9951 | Email: firstname.lastname@example.org | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc | 171 Main St #220 | Los Altos, CA 94022