The kind of contracts I know something about are real estate contracts. I am not a lawyer, so I advise anyone with a question about their legal rights to contact a lawyer.

In a real estate sales contract, called a Purchase and Sale Agreement, the seller may grant the buyer an option to buy the property with the right to terminate the agreement. This option gives the buyer a period of time, perhaps 10 days, in which to inspect the property and decide whether or not to complete the purchase.

Under this option the buyer may terminate the agreement by giving notice within the allowed period of time without penalty. In other words, the buyer may "walk," and would be entitled to get his or her earnest money deposit back.

However, if the buyer fails to give notice to terminate the agreement within the allowed time period, the buyer shall be deemed to have accepted the property "as is."

Make sure you understand your options before entering into a real estate contract. If you don't play by the rules, you could be found in default and subject to legal action. The time to "get out" of a contract is before you enter into it.

If you are thinking about buying a home or land, call Michael Dixon for a free, no obligation consultation. 229-924-3089 or 229-939-2756.