A Texas Realtor Form to rescind or withdraw an offer that you have made on a property. Exiting a contract without penalty requires a careful review of the contract terms and a clear understanding of your legal rights and options.A revocation of offer is the withdrawal of a previous offer to engage in some sort of legally binding contract. Learn about TXR1945 Notice of Withdrawal of Offer Form from the Texas Association of Realtors. Visit our Texas real estate form library. Resigning outside this timeframe can lead to a determination that you have "abandoned your contract" and a one-year suspension of your teaching certificate. State law grants a right to cancel — also called a "right of rescission" or a "cooling off" period — in only a few specific instances. Additionally, the Property Code permits the buyer to cancel and rescind the executory contract and receive a full refund of all payments made to the seller.