Puerto Rico Sample Letter Withdrawing Offer to Purchase House [Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP Code] Subject: Withdrawal of Offer to Purchase Property in Puerto Rico Dear [Recipient's Name], I hope this letter finds you well. I am writing to formally withdraw my offer to purchase the house located at [Property Address], Puerto Rico, as submitted on [Offer Submission Date]. After careful consideration and further evaluation, I regretfully inform you that I am no longer interested in proceeding with the purchase of the mentioned property. Please consider this letter as my official withdrawal of offer, effective immediately. Due to unforeseen circumstances that have arisen since my initial offer, I must reconsider my decision to purchase the property at this time. I sincerely apologize for any inconvenience this may cause and understand the implications of withdrawing my offer. However, after carefully weighing my options, I have determined that it is in my best interests to not proceed with the purchase. I would like to express my appreciation for your time and effort in this matter. Your assistance and cooperation throughout this process have been greatly appreciated. I understand that you may have incurred costs or taken actions in response to my offer, and I am willing to reimburse any reasonable expenses directly associated with my withdrawal. Please inform me of any costs incurred within the next 14 days to expedite the reimbursement process. I am committed to resolving any financial obligations resulting from my withdrawal promptly. Once again, I apologize for any inconvenience caused by my decision, and I sincerely thank you for your understanding. I wish you the best in finding a suitable buyer for your property and hope that this withdrawal does not hinder your future prospects. Should my circumstances change in the future, I will not hesitate to reach out to you. If you have any questions or require any further information, please feel free to contact me at [Phone Number] or [Email Address]. Thank you for your attention to this matter. Sincerely, [Your Name]
Puerto Rico Sample Letter Withdrawing Offer to Purchase House
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FAQ
Purchase agreements usually include contingencies or situations in which you can back out of the contract without penalty. As long as you're pulling out of the purchase due to one of the contingencies listed on the purchase agreement, you're golden. If not, you may lose money.
If an offer has been made, the offering party has a right to withdraw it up to formal acceptance by the offeree. Revocation basically serves as formal, legally verifiable notice that a withdrawal was made, and it's valid so long as it is communicated to the offeree before they accept.
If your agent notifies the first seller's agent that you are withdrawing your offer before that seller's signed acceptance is delivered to you, or to your agent, then your offer is safely withdrawn. To avoid any confusion, it's best to give written notice that you're withdrawing an offer.
An offer to purchase a property can be rescinded or withdrawn at any time before it is accepted. For a rescission to be effective it must be given as a notice in writing and received by the other party.
The buyer can cancel an offer to purchase, but doing so will be extremely costly. The buyer may lose their deposit. The seller may claim damages. The buyer will be liable for the agent's commission.
Once signed by both buyer and seller, your offer to purchase becomes a legally binding sales contract, at which point you can no longer withdraw your offer unless certain contingencies are not met. For instance, if your loan does not go through, you are not obligated to purchase the home.
A Yes, you can withdraw your offer. Until you exchange contracts you are free to change your mind about your offer without any financial penalty.
The subject line should include your name and Withdraw Application. Begin the letter with your salutation followed by a paragraph (or two) stating your intention to withdraw your application from consideration, and thanking them for their time. Close with your name and contact information.
Once an offer is submitted, there is no way to cancel or retract it. Prior to making an offer, it's always best to review the listing and Shop Policies thoroughly to make sure you're ready to purchase in the event your offer is accepted.
