Everyone has likely felt buyer’s remorse once or twice in their life after spending a lot of money on an item that they are not sure they truly wanted or needed. For some, buyer’s remorse comes after purchasing an impractical car or a really expensive pair of shoes. But homebuyers may also experience buyer’s remorse after closing a deal to purchase a home. As a Florida resident, if you are experiencing buyer’s remorse after purchasing a home, it is crucial that you understand what the Florida buyer’s remorse law is and how it could help your situation.
The Law Offices of Daryl L. Jones, P.A is a real estate law firm in South Florida led by Attorney Daryl L. Jones. Attorney Daryl L. Jones has over 30 years of experience assisting clients who are experiencing buyer’s remorse after purchasing a home. When it comes to being a homeowner, you should understand all your rights in regards to the Florida buyer’s remorse law.
Is Your Home Covered by Florida’s Buyer’s Remorse Law?
Unfortunately, the scope of Florida’s buyer’s remorse law is very limited in which situations it may cover. The law only applies to home solicitation sales. This means that you can exercise your rights under the buyer’s remorse law only with regard to purchases made from door-to-door salesmen, also known as solicitors. This law will not cover any of the following types of sales:
- Automobile purchases
- Telemarketing purchases
- Timeshare deals
- Retail or property sale
If you are experiencing buyer’s remorse after purchasing your home, you might have recourse under other laws prohibiting fraud or other consumer protection laws in the state of Florida.
What to Do if You Have Buyer’s Remorse After Purchasing a House
When things go bad in a Florida real estate transaction, Florida law permits a buyer to terminate a residential real estate contract and walk away from the deal without penalty under certain circumstances. One option a home buyer can utilize to get out of a deal is by seeking rescission. Rescission is when a real estate contract is essentially canceled.
When a home buyer is experiencing buyer’s remorse, the buyer can raise common law causes of action or reasons to rescind a deal. Some examples of grounds for rescission include:
- Title defects which cannot be cured: You can choose to rescind a real estate contract if you have learned that there is a fatal title defect. If the seller is unable to remove the defect and transfer clear title at closing, then you have the right to cancel the deal.
- Fraud: If you suspect you may be the victim of fraud after entering a deal and purchasing a home, then you have the right to file a lawsuit to have the real estate contract undone.
- Mistake: If you have signed a real estate contract but did so before a mistake is discovered, then Florida law may allow rescission of the contract.
If you are considering pursuing rescission of your contract, contact a Florida real estate lawyer as soon as possible.
Get Help From a South Florida Real Estate Lawyer
Attorney Daryl L. Jones of The Law Offices of Daryl L. Jones, P.A, is knowledgeable on all matters concerning homebuyer’s rights in Florida. With over 30 years of experience, Daryl L. Jones has the skills to help clients understand their rights and how that may affect their ability to walk away from a contract if they are feeling buyer’s remorse.
If you are considering buying a new home in Florida, you should always know your rights. Attorney Daryl L. Jones is passionate about helping you with all of your real estate legal needs. To schedule a free initial strategy session, contact us here or call 786-876-9604.