Is it possible to retract an offer to purchase?

When a buyer is interested in purchasing a property, he or she can submit an offer to purchase the property. The seller has the right to refuse the offer if it is not to his satisfaction. However, if the seller accepts the offer to purchase, the buyer is committed to the seller. In this case, does the buyer have the option of withdrawing after the seller has accepted his offer to purchase?
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What is an offer to purchase?

A real estate purchase offer is a document that commits a buyer to a seller.

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It's important to take the time to think before making an offer, because it's a binding one. If the seller accepts your offer, the sale will be completed. However, the seller also has the option of not accepting your offer and making a counter-proposal. In this case, your initial offer will be cancelled and it will be up to you to make a new proposal.

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It is advisable for the buyer to set a time limit for his offer (to avoid waiting indefinitely for a decision from the seller and being bound by his offer until the seller responds). For example, the buyer can set a time limit of 24 hours or 2 days during which the seller must give him an answer to accept, refuse or make a counter-offer.
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How do I write an offer to purchase?

There is no standard form for an offer to purchase. The buyer can draw it up in writing or by e-mail. In all cases, the offer to purchase must contain at least the following information:

• purchaser's name
• property address
• price offered
• offer validity period
• reservations, remarks and conditions precedent
• signature and date

‍Withdrawal ofthe offer to purchase: is it possible?

No, the buyer cannot withdraw from the offer once it has been accepted. When the seller accepts the buyer's offer to purchase, the sale is considered concluded and therefore final.

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It is therefore advisable to include conditions precedent, such as a condition precedent for the granting of credit. Please note that the buyer must demonstrate that he has made every effort to obtain a loan (applying to several banks, etc.) and that, despite all these efforts, he has been refused a loan.

What happens if the buyer withdraws anyway?

In theory, the buyer cannot withdraw. In practice, however, the seller often demands compensation of around 10% of the purchase price.