When a buyer wishes to withdraw their offer after it has been submitted, what is their right?

When a buyer wishes to withdraw their offer after it has been submitted, they are exercising a fundamental right in real estate transactions. The principle behind this is that an offer is not binding until it is accepted by the seller. Until that acceptance occurs, the buyer maintains the ability to withdraw their offer without penalty. This right is rooted in contract law, where a party can change their mind about an offer as long as it has not yet become a binding agreement.

In this context, the buyer's right to withdraw the offer reflects the inherent flexibility that exists during the negotiation phase of a real estate transaction. Once the seller accepts the offer and both parties sign, the situation changes, and the buyer would then be bound to the terms of the contract. Therefore, until acceptance, the buyer retains the authority to withdraw without incurring any obligation or loss of earnest money.

The other options, which involve the forfeiture of earnest money or potential legal consequences, do not apply until a formal agreement has been established. If the offer is withdrawn prior to acceptance, there should be no financial penalty imposed on the buyer merely for exercising their right to withdraw their offer.