May a Purchaser withdraw his / her Offer?
Category 3%.Com Properties
May a Purchaser withdraw his / her Offer?
Know your rights.
It is quite common that an offer to purchase property contains a clause (usually at the end of the document) that it is irrevocable until a specific date and time.
The impression is created that the seller has time until that date and time to either accept or reject the offer.
Unfortunately, in law, as in life, it is not always that simple.
The purchaser may in fact withdraw his/her offer at any time before it is accepted by the seller.
The seller would be wise not to rely on the "irrevocable offer" and to accept it immediately once he is satisfied with it and before the purchaser can withdraw it.
Author: FM Heynike