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Want to Cancel a House Purchase but Sales Office Refuses – What Should I Do

2025-12-12 09:27:37   0次

Want to Cancel a House Purchase but Sales Office Refuses – What Should I Do

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To cancel a house purchase when the sales office refuses, first review the purchase agreement for cancellation clauses, notice periods, or refund policies. If absent, check state-specific consumer protection laws (e.g., right-to-rescind periods for new constructions) and federal regulations like the Truth in Lending Act. Document all communications, request written confirmation of refusal, and escalate to a real estate attorney or regulatory agency (e.g., CFPB, FTC). If mediation fails, pursue legal action in small claims or state court.

State and federal laws mandate clear contractual terms for cancellations. For example, the U.S. Consumer Financial Protection Bureau (CFPB) reports that 12,300+ real estate-related complaints were filed in 2022, with disputes over cancellation policies being the third most common. California’s Homebuyers Bill of Rights grants a three-day right to rescind for new home purchases, while the FTC notes that 30% of homebuyers face unfair contract terms. Arbitration clauses, present in 60% of U.S. home contracts, often limit legal recourse, but recent state立法 (e.g., California’s SB 948) is tightening restrictions on such clauses. Data from the National Association of Realtors (NAR) shows that 22% of failed closings involve cancellation disputes, with median legal costs exceeding $15,000. Proactive legal review and regulatory complaints are critical to enforcing cancellation rights when sales offices refuse compliance.

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real estate cancellationconsumer protection laws