Q: My buyer submitted an offer on a house, and the seller accepted it yesterday. The buyer has changed his mind, and feels that because the house is in a mandatory homeowners’ association that there is a three-day rescission period in which he can cancel without incurring liability. The seller provided the buyer with the “Disclosure Summary” pursuant to Section 720.401, Florida Statutes and the contract also complies with Section 720.401 requirements. Does the buyer have a three-day right to cancel?
A: No. Unless the contract includes a provision giving the buyer three days to cancel, the buyer would not have such a right.