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Specifically, the MAR Back-Up Offer Addendum expressly provides that until the buyer has received written notice that the buyer in backup position is now in primary position, the buyer may cancel or terminate the buy-sell agreement. However, there is no corresponding right in favor of the seller.

Cancellation of sale deed refers to the revocation of the purchase and sale of property. A sale deed may be cancelled if any party involved is unsatisfied with the deal and makes a claim regarding the same in the court of law.

Generally speaking, a trust indenture is a lien against the property with the buyer being the legal owner. In a contract for deed, a contact is executed between a seller and a buyer whereby a seller agrees to transfer title to the property once the amount set forth in the contract has been paid in full.

Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA).

If a seller defaults, he must return all deposits, plus added reasonable expenses, to the buyer. The other party may also seek to compel the erring party to complete the deal under specific performance. From a buyer's point of view, it is advisable to get the sale agreement registered.

The seller can cancel the sale agreement if: The buyer fails to make the payment. The buyer makes balance payment only if he is satisfied with property title. The seller can send legal notice to the buyer to cancel the agreement and seek damages. The buyer can back out of the agreement if he fails to secure a home loan.