How to Terminate a Real Estate Offer
- 1). Ask your real estate attorney to deliver a letter of withdrawal to the seller if the seller has not yet signed the contract.
- 2). Provide a written rejection from the mortgage company if you were denied a specific loan and interest rate as specified in contract. This only applies when a loan contingency item is in the contract or offer.
- 3). Object to the survey or title reviews if there are problems that cannot be corrected. Examples include encroachments on the property and defects in the title document that cannot be corrected. Make the objections in writing within the specified time listed in the offer documents you signed to effectively terminate the offer.
- 4). Terminate during the review period after the contract has been created if you are in a state that allows that. For instance, if you have to review HOA documents after the contract was created, some states allow you to terminate the contract if you disagree with the HOA terms. You may also be in a state that allows you to terminate if the seller's disclosure is received after the contract has been created.
- 5). Cite the non-selling of your property as cause for termination if you had this contingency included in the contract when you made the offer. Such a contingency allows for termination of the offer if your property does not close within a specified time frame.
- 6). Set up an inspection of the property if you have not already done so. Any inspection issues that you come across can be used to terminate your offer.
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