what legal right, if any, does a buyer of a home have to rescind the transaction within the first 10 days of a pending escrow?

Question

what legal right, if any, does a buyer of a home have to rescind the transaction within the first 10 days of a pending escrow?

Answer

That would depend on the terms of the Purchase and Sale Contract. Most home purchase agreements have contingencies, that if not satisfied and released allow the buyer to cancel the transaction without penalty. These tend to be check the box and fill in the blank items on most standard contract forms. So without knowing what boxes were checked and what was filled in the blanks, there is no way to tell what cancellation rights might exist. There is, however, no just plain right to cancel in 10 days or 10 minutes or any other time. Once the offer is accepted and acceptance conveyed, there is a binding contract that can only be cancelled based on cancellation terms in the contract itself, if any.

Answer

I agree with Mr. McCormick. There is no automatic state law that provides for a cooling off period or right of rescission. You may have a failure of a contingency, but I suggest you consult in person with an attorney and have them review the paperwork with you.