The Offer to Purchase is a binding legal agreement and canceling one can incur penalties.
In order to cancel the Offer to Purchase, a letter must be written to the agent or seller of the property.
The letter should include:
- The name of the agent or seller.
- The name of the real estate company.
- The address of the property.
- The name of the buyer.
- The date the Offer to Purchase was signed.
- The signature and contact details of the buyer.
Examples of Offer to Purchase cancellation letters can be found here.