Offer Withdrawal Issues

Questions:

At which stage/s the buyer can retract their offer: (assuming seal is used):

1. Buyer signs the offer that is yet to be presented to seller,

2. Signed offer is in the seller’s agent’s possession or has been presented to the seller,

3. Seller has accepted

4. Seller has countered buyer’s offer.

Answers:

  1. If not delivered into the Seller’s possession or Seller’s Agents’ possession, then it can be revoked,
  2. Too late,
  3. Too late, it has already become a contract,
  4. Not applicable, not available for acceptance since it has already been rejected.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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