Pepperell, MA asked in Contracts for Maine

Q: Hi, I signed a purchase and sale agreement on June 24th - land only - State of Maine- and I have buyer's remorse and

want out of it. Do I have a "grace period" in which to retract the offer?

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1 Lawyer Answer
Fred Bopp III
Fred Bopp III
  • Yarmouth, ME
  • Licensed in Maine

A: The answer will depend on the terms of the purchase and sale agreement. Does it allow for the retraction of your offer? Also, there should be a section concerning termination of the agreement, which should list the allowable circumstances for termination. Assuming it does, then you would need to be able to meet one of the listed circumstances, otherwise, you would be in breach of the agreement if you refused to go forward with the purchase. My suggestion is to talk with the seller. For one thing, since the Maine real estate market is so hot right now, the seller may be able to remarket the property and sell it to someone else for the same price or possibly higher.

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