Monday Morning Legal Tip – Good morning Realtor® friends!
March 20, 2017
Author: Curtis Bullock
Last time I talked about withdrawing an offer or counter offer. The follow up question to that is what is the best way to withdraw an offer or counter offer? Is a verbal ok? What about an email? A text? Does it need to be in writing? Should I use an addendum?
Here’s my thought on this. The most effective way to withdraw an offer or counter offer is to simply use the new withdrawal forms that came out last year – (1) Buyer’s Notice of Withdrawal of Offer, or (2) Seller’s Notice of Withdrawal of Counteroffer. Since there is one for a buyer and one for a seller you will need to pick the right form depending on who you represent. The two forms are very simple and easy to use. Just have your client sign and date it and send a copy to the other party. Once you send it, make a quick phone call or you could even send a text or email to the other party and confirm that they have received the Notice form. Once that happens you are done.
I wouldn’t use a standard addendum. An addendum assumes you need the other parties signature which you don’t. You are giving notice and so you don’t need their agreement to withdraw. I also wouldn’t rely on a text message alone or even a verbal. One could argue that a verbal or any other sort of communication of a withdrawal can in fact be an effective withdrawal of an offer, but why risk it? If you had to, it might be hard to prove that you withdrew the offer if there was no documentation. Use the forms and you will be good to go.