What is a rescission notice in real estate? – David Reecher
A rescission notice is a legal form that buyers sign if they back out of an offer to buy a home. The buyer’s agent submits 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. Buyers should be able to recover their earnest money if they terminate the deal due to a contingency in the Purchase and Sale Agreement.