what is the propert way to withdraw an offer during option period
10,2284 answer(s)
About 7 years ago
Call the listing agent promptly to inform them of your clients decision to withdraw. Follow up with an email, letter, or fax to confirm the conversation and details discussed. This provides you with documentation of the conversation that took place and a time stamp. According to TAR there is not a FORM that is deemed for withdrawing an offer BEFORE acceptance. I have included a source for you to reference.
source:
https://www.texasrealestate.com/for-texas-realtors/legal-faqs/category/withdrawing-offers
https://www.texasrealestate.com/for-texas-realtors/legal-faqs/category/withdrawing-offers
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DislikeAbout 7 years ago
You send to the Seller's agent the filled out TAR-1902 Notice of Buyer's Termination of Contract. You don't "withdraw", you terminate the contract completely. You would also send along with this document the Release of Earnest Money form if in the original contract allows the return of the earnest money. You don't have to have a reason to terminate the contract during the option period, but it must be done during the option period.
#1 Awarded – Best AnswerAbout 7 years ago
Hi Katharine,
Fill out TAR-1902 (Notice of Buyer's Termination of Contract) and have your buyers sign. Also fill out TAR-1904 (Release of Earnest Money) and have them sign that as well. Send those two signed forms to the listing agent and confirm that they have received it. Once both are executed, send them to the title company. The listing agent can make the property active again and your buyers can receive their earnest money from the title company. I hope this helps.
Chris Pulse
Realty ONE Group - Lone Star
832-567-7123
chris@chrispulse.com
Fill out TAR-1902 (Notice of Buyer's Termination of Contract) and have your buyers sign. Also fill out TAR-1904 (Release of Earnest Money) and have them sign that as well. Send those two signed forms to the listing agent and confirm that they have received it. Once both are executed, send them to the title company. The listing agent can make the property active again and your buyers can receive their earnest money from the title company. I hope this helps.
Chris Pulse
Realty ONE Group - Lone Star
832-567-7123
chris@chrispulse.com
About 7 years ago
You can either send an letter signed and dated stating that you are withdrawing your offer or you can use a TREC document if your Realtor drew up the contract.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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