(CHEROKEE LAKE REALTY WRITES A WEEKLY COLUMN FOR THE GRAINGER COUNTY JOURNAL NEWSPAPER. THIS WAS A RECENT QUESTION ASKED BY A READER.)
The answer is none. You own it. A closing on a house is not like closing on a timeshare, where you have a right of rescission, 10-15 days. A cooling off period so to speak. There is no right of rescission on a home and/or land purchase.
Now, let me say this. I am not an attorney, or an appraiser, or an inspector, or anything besides being a licensed real estate agent. You should consult with an attorney, but I believe you will find that I am correct. Research applicable real estate laws in Tennessee and you will find this to be the case. I actually posed your question to a well-known local attorney, C. Douglas Berryhill, and he concurred. There are so many steps when buying a house before you get to the final step – the closing. For every step you typically have an out, a way to change your mind. Your submitted offer to purchase before it is accepted by the seller, inspections that identify issues you are not comfortable with, an appraisal that does not justify the sales price you agreed to with the seller, your financing falls through or changes to terms that are not acceptable for you all, the final Inspection of the property, and the actual sit-down signing process to close out your purchase. So, after all these steps that take place, when you had the opportunity to change your mind, why now? You may lose some escrow money, but it’s better to forfeit a few thousand dollars than end up with an unwanted home and lose much more.
