A form is for a counterposal to a contract for the sale and purchase of real estate.
Kansas Counterproposal to Contract for the Sale and Purchase of Real Estate
State:
Multi-State
Control #:
US-00472E
Format:
Word;
Rich Text
Instant download
Description
How to fill out Counterproposal To Contract For The Sale And Purchase Of Real Estate?
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FAQ
Kansas law guarantees you three days to cancel any purchase of $25 or more made in your home or at a location that is not the permanent place of business or local address of the seller, often referred to as the Cooling-Off Rule. The salesperson must verbally inform you of your cancellation rights at the time of sale.
The General Rule: Contracts Are Effective When Signed Unless a contract contains a specific rescission clause that grants the right for a party to cancel the contract within a certain amount of time, a party cannot back out of a contract once they have agreed and signed it.
The 72-hour contract law allows consumers the right to cancel a contract during what is referred to as a "cooling off" period. The timeframe for canceling is usually 72 hours, which means a consumer has until midnight after the third day the contract is signed.
California's Home Solicitation Sales Act allows the buyer in almost any consumer transaction involving $25 or more, which takes place in the buyer's home or away from the seller's place of business, to cancel the transaction within three business days after signing the contract.
The bottom line is: Real estate contracts must always be in writing in order to be enforceable. While laws may vary from state to state, most states have a Statute of Frauds that applies.
Statute of Frauds: A statute which requires certain types of contracts to be in writing in order to be enforceable.
Buyer contingencies are the most common addenda, according to Justin Ostow, a top real estate agent in Tampa, Florida, who completes 10% more sales than the average agent. Contingencies dictate certain conditions which must be met for the contract to go through.
Check State Laws. Many states, like California, grant consumers a statutory "cooling off" period, typically three to five days, during which a consumer can cancel a contract for any reason by sending the seller a written cancellation notice.
Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
Sales of real estate fall under the Statute of Frauds, and so all contracts for the sale of a home must be in writing.
