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  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!
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