Q: Is there a period of time to revoke acceptance of an offer to purchase real estate?
An internet search revealed the prospective buyer has several pending lawsuits and the deposit is a personal check.
A:
Once you 'accept' the offer, the deal is sealed and cannot be 'revoked' for any reason other than conditions listed in the offer falling through, or the two of you (buyer and seller) could agree to 'cancel' the deal for whatever reason -- but only by agreement of both parties!
You should ALWAYS have an attorney review offers before accepting/presenting them because you are locking yourself into a specific transaction with specific terms and you need to understand that BEFORE you sign.
The fact that the buyer seems to be in rather tenuous financial shape really isn't critical -- if they can't follow through as agreed, there should be remedies in the offer.
If you are unsure what to do about any of this, I'd strongly urge you to consult with a local real estate attorney who can review the paperwork and provide you options.
--This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship. I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice!
Thomas. R. Morris agrees with this answer
A: I agree with the other attorney who already answered. There is no period of time to revoke acceptance of an offer. An offer can be revoked before it is accepted, but if by revoking acceptance you mean cancelling a sales agreement that has already been signed, then the answer is that there is not period of time permitting cancellation. Does the sales agreement call for the check to be held and not deposited? I doubt that it does, so if the agreement has been signed, the check should most likely be deposited and you will soon know if the check is good.
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