Can I Withdraw My Offer to Buy a House Before the Seller Accepts in Ontario?
It depends on the wording of the offer you signed. An offer usually sets out how long it stays open, and whether you can pull it back before the seller accepts turns on those terms, so have a real estate lawyer read your offer before you act.
Until the seller responds, the seller may accept it, reject it, make a counter-offer, or ask you to revise it. If the seller accepts an offer that has conditions, the agreement is not final and binding until all its conditions are met or waived. If a condition such as a satisfactory home inspection is not met, depending on its wording you may be able to terminate, or the contract may end automatically, with the deposit returned.
Be careful about the deposit. Paying it late or withholding it can itself breach the agreement, and once held in trust it can be released only with a mutual consent or release signed by all parties, or under a court order. Once all conditions are waived, the agreement is firm and binding.
Key takeaways
- Whether you can withdraw depends on the wording of the offer you signed, so have a real estate lawyer review it before you act.
- When an offer is received, the seller may accept it, reject it, make a counter-offer, or ask you to revise it.
- A conditional agreement is not final and binding until all its conditions are met or waived, and once all are waived the agreement is firm and binding.
- Paying a deposit late or withholding it can itself breach the agreement, and a deposit held in trust is released only with consent from all parties or a court order.