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Can a seller cancel an Offer to Purchase?

An Offer to Purchase is supposed to be legally binding, and is thus designed to be difficult to renege on. Both buyer and seller can face penalties if they pull out of the deal.

However, clauses can be included in the agreement that enables the seller to cancel it. For example, there is something called the 72-hour clause, which the seller can activate if they receive a better offer for the home. The original buyer then has 72 hours to finalise the purchase; if they can’t do so within this time period, the seller is allowed to pull out of the agreement without penalties.

There are also certain conditions stipulated in the Offer to Purchase that need to be fulfilled, and if either party fails to fulfill them, the other party is released from the agreement.

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