When can an offer to purchase be legally withdrawn?

An offer to purchase can be legally withdrawn at any time before acceptance because an offer is essentially an indication of a willingness to enter into a contract. Until the seller formally accepts the offer, the buyer retains the right to withdraw it. This legal principle allows buyers the flexibility to reconsider their decision or respond to new information.

The nature of an offer in contract law is that it is not binding on the offeror until it is accepted by the offeree. Consequently, once the offer is accepted, it becomes a binding agreement, and withdrawing it would require mutual consent, often under specific conditions. This characteristic of offers underlines the importance of timing in the negotiation process. Understanding this concept is crucial for both buyers and sellers in real estate transactions.