Can I revoke the purchase and sales agreement of a house before the?
You probably can although what I suspect you may be asking is can you cancel the sale and get your deposit (earnest money) returned. The answer to that is a big maybe. Laws vary state by state, but most real estate contracts have an inspection period written in the buyer may pretty much cancel during this initial period for any reason. Additionally there are normally financing and appraisal contingencies written in and should the house appraise low or the buyer fail to qualify for the loan, they may cancel and receive their deposit back. It really depends upon the wording of the agreement. Deposit or earnest money is put up by prospective buyers to indicate a seriousness of intent. Once a seller accepts a contract they are taking their home off of the market and it is unavailable to other buyers. If a buyer cancels, whether it is for change of heart or some other reason it causes harm to the seller. Now they have to go back on the market and may have missed other potential buyers and if a buyer cancels for some reason other than one of the contingencies the seller is entitled to the earnest money. Once again, laws vary state by state and you should consult an attorney in your area for further clarification.