In Florida, both state and federal laws allow consumers to cancel specific types of transactions due to buyer’s remorse. Does Florida have a buyer’s remorse law for real estate transactions? Read on to find out.
Florida Contract Law – Explaining the Legal Elements
A contract is a binding agreement between two or more parties. Even though Florida law generally considers verbal and written contracts enforceable, verbal contracts are not reliable due to the lack of written terms and conditions to back up any claims made by the parties.
Please note that the enforceability of certain types of contracts depends on whether the document is written, including:
- Any contract related to the purchase or sale of land
- Any contract related to the purchase or sale of real estate
- Contract valid for over a year
- Lease contracts valid for one year or longer
- Sales contracts for goods or services valued at over $500
- Contracts related to health care and medical procedures
- Debt-related contracts
If these types of contracts are not written, they are considered fraudulent. To back off from a valid real estate contract after closing, the buyer would have to rely on one of the few exceptions provided by Florida law.
Does Florida Have a Buyer’s Remorse Law for Real Estate? – The Verdict
Florida state law and the Federal Trade Commission allow buyers within state jurisdiction to back off from transactions in specific situations. Also referred to as the “cooling off rule,” this buyer’s remorse law permits a consumer to cancel a transaction after regretting the decision.
Please note that the “cooling off rule” does not apply to all types of transactions, including sales of:
- Real estate
- Artwork sold at fairs, malls, civic centers, and schools, or
- Motor vehicles occurred at temporary locations
If you have purchased a real estate property in Florida, state law does not allow you to back off from the transaction through buyer’s remorse law.
Is it Possible to Cancel a Real Estate Purchase After Closing in Florida? – A Realistic Viewpoint
Unless a real estate purchase contract provides an explicit right to cancel in its terms or other legal grounds permit one of the parties to rescind the contract, Florida law does not allow property buyers to cancel a transaction after closing.
Generally, real estate contracts in Florida feature a “force majeure” provision allowing the buyer to not perform under the contract if certain circumstances beyond his or her control arise.
Please note that this clause is exclusively applied in situations where the buyer’s performance is rendered “inadvisable, illegal, or impossible” by extreme events, such as natural disasters, fires, extreme weather, wars, insurrections, or acts of terrorism.
Common situations that may grant a buyer sufficient ground to cancel a real estate contract include specific title defects considered unsolvable, fraud, or material errors involved in the physical contract.