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(A) In addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase.
You usually cannot cancel a contract, but there are times when you can. You can cancel some contracts within certain time limits. Some contracts must tell you about your right to cancel, how to cancel them, and where to send the cancellation notice.
Under the Ohio Credit Services Act, consumers are granted three business days from the time of signature to cancel a contract for for-profit credit repair, as well as debt counseling services. Under the federal Truth in Lending Act, the same is true for certain home equity loans and second mortgages.
To be legally binding, both you and the buyer must sign the real estate contract. You can back out without consequences if the contract is still verbal and has not yet been legally signed.
Ohio's Business Opportunity Purchasers Protection Act (starting at ORC 1334.01) gives consumers five days to cancel a business opportunity agreement.