Care is essential in purchasing a home or vacant land on which to build a home.
Generally, once the parties have signed a Contract, its terms and conditons are binding. It may be too late for a Buyer to walk away from the purchase if unacceptable issues are discovered and the Contract does not provide a right to terminate. Such issues may not be discovered until after the cooling-off period has expired.
For example, most standard Residential Land Contracts do not deal with soil testing. If you are purchasing vacant land with the intention of building, you may wish the Contract to include a provision that the purchase is subject to the Buyer being satisfied with the results of soil tests before settlement. Some land, particularly land which has been 'filled' may require building foundations substantially constructed beyond the norm, In such case, there may he significant additional building expense.
We can provide advices about such matters and, if necessary, draft protection clauses for inclusion in your Contract.