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What is a Rescission Notice

A form buyers sign if they back out of an offer on a home. The buyer’s agent will submit this form to the listing agent so the sellers know the deal is off. Most often, these forms are used after an offer has been accepted and the Purchase and Sale Agreement is signed by both parties. But, buyers may also issue a rescission notice during negotiations if they want to make an offer on another home. They should be able to get their earnest money back if they pull out of the deal before the contingency periods expire.