No turning back after closing on house
Real Estate Adviser by Steve McLinden • Bankrate.com

Dear Steve,
Once you close on a home is there no turning back? Is there a grace
period afterward that allows me to back out?
-- Demetra

Dear Demetra,
After you've closed on your home certainly is not the right time to
get cold feet. Once you've done your final walk-through, had the home
inspected, accepted the seller's terms and closed the deal, then
that's all she wrote. The sellers can simply cash your check and be on
their merry way. Any doubts you had should have already been addressed
and any defects in the property should have been addressed and
resolved by then.
Contrary to what you may have heard there is no grace period after
this transaction. You may be thinking of a buyer's right of
rescission, which applies to home equity loans and some refinancings
with another lender. Such borrowers have a three-business-day
"cooling-off" period after closing to reconsider. However, it doesn't
apply to mortgages to buy, or build, a principal dwelling. In some
states, there are similar right-of-rescission laws that give buyers a
short period of time to change their minds after signing contracts to
purchase co-ops, condos or time-shares.

But in your case, any attempt to reverse the deal post-facto, short of
the presence of some egregious act of fraud or deceit on the part of
the seller and (or) the agent involved, will likely prove futile.
You're likely looking at some pretty hefty legal fees and a lot of
frustration if you try to go that route.

On the other hand, there's much legal rationale that can be used to
back out of sales/purchase contract, especially if obligations like
major repairs weren't honored, if financing has fallen apart, or any
number of other contingencies aren't met. Ask your real estate agent
or real estate attorney about these if you haven't already completed
the transaction.

If this is your first home purchase, it's easy to understand your
trepidation, because the process can be more than a little
overwhelming. You can minimize any buyer's remorse by thoroughly
educating yourself about the whole home-buying process, either through
your agent, your own research on the Internet or the library, or
through any number of books available on the subject.

So speak now or forever hold your peace, because the sale is complete
after closing. It is that final exchange where the deed is delivered
to the buyer, the title transferred, and all agreed-on costs are paid.
It's a "done deal" and there's no turning back.

Keep in mind, those cold feet may thaw pretty quickly once you get
into that new house.

Good luck with it!

http://www.bankrate.com/nltrack/news...20050430a1.asp


===
"Until last October, Christ had a very limited involvement in my life. I believed in God; I just never had to prove I believed. Belief is an absence of proof."
-- Boston Red Sox pitcher Curt Schilling