Re: Rescinding an Offer to Purchase

It is not possible to give a specific answer without reviewing the entire Offer to Purchase contact.

In general, an accepted Offer to Purchase creates a legally enforceable contract. You may be able to terminate the contact by properly exercising one of your contingencies. Also, you may be able to terminate the contract if the Seller fails to perform all of the Seller’s obligations under the contract.

The Seller and the Buyer each have a legal duty to use good faith and due diligence in completing the terms and conditions of the contract. A material failure to perform may be a default and may subject the defaulting party to liability for damages or other legal remedies.

NOTICE: THIS MESSAGE MERELY CONTAINS THE AUTHOR'S GENERAL COMMENTS. FURTHER, THIS MESSAGE IS NOT INTENDED AS AND SHOULD NOT BE CONSTRUED AS LEGAL ADVICE. This message is not intended to establish any form of lawyer-client relationship. If the reader of this message needs legal advice, he or she should consult an appropriate professional who can evaluate the specific facts and circumstances of the particular matter.

Re: Rescinding an Offer to Purchase

Unfortunately, once the offer has been accepted, you can't "rescind" the transaction. You have the sale of your property contingency along with the financing contingency as ways to get out of the contract, but you would have to move ahead and attempt to sell your house and obtain the financing.