How to Withdraw a Real Estate Contract Offer
- 1). Write an email or letter the other involved party (seller or their agent) notifying them you want to withdraw your offer. If the party has already accepted your offer in offer in writing (often referred to as execution of the contract), you likely have a legally binding contract. At this point, you will need state-specific legal forms to terminate the offer. Available forms for contract creation and termination are promulgated by the state; typically the group that creates these forms is composed of real estate agents and lawyers.
- 2). Contact a real estate agent or lawyer licensed in your state for advice if you believe you have a legally binding contract. The termination process and outcome will differ depending on your state and where you are in the purchase process. If you have been required to put money down, for example, you may or may not be able to reclaim that money.
- 3). Write up, sign and submit the termination forms if you know you have a legally binding contract.
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