Final answer:
Cameron's ability to cancel the contract after signing depends on the terms within the contract itself. The provided clause relates to the cancellation rights if possession cannot be delivered on the agreed date, allowing either party to cancel with written notice and without liability.
Step-by-step explanation:
Based on the information provided, if Cameron, the prospective lot purchaser, has already signed the contract, his right to cancel would depend on the specific terms and conditions of the contract he signed. Generally, real estate contracts include certain contingencies that allow a buyer to cancel under specific circumstances. However, the passage provided focuses on the possession of a residence and the terms for canceling the agreement if possession cannot be delivered on the agreed date.
The clause indicates that if the owner is unable to deliver possession on the agreed date for any reason, including loss, destruction, or prior residents not vacating, both the resident and the owner have the right to cancel the agreement with written notice. Both parties would then have no further liability to each other, and any sums paid would be refunded in full.
It's important for Cameron to carefully review the contract or seek legal advice to understand his specific rights regarding cancellation after signing the contract, as the provided passage does not directly address the cancellation rights before possession or outside the context of the failure to deliver possession.