What is a rescission notice?
A rescission notice is an official notice a buyer gives to the seller of property about the termination of the contract. It is possible that the house you wanted to buy will not turn out to be right for you. That is the are chances that you can back out of your offer and pursue a much better house.
So, what would you do if you signed a purchase and sale agreement form with the seller and later realized that the house is not right for you? Well, it is obvious that you will walk away from the deal and pursue the other house. If you are a genuine buyer, you will complete a rescission notice and submit it to the seller. This notice will let the seller know that you are no longer interested in the property.
In what conditions rescission notices will not apply?
As noted by Bankrate, the following are situations in which the rescission notice cannot be validated.
- When both parties cannot go back to pre-contract options
- If the rescission notices would affect third parties
- If monetary damages were received by parties that want to submit rescission notices
- When the rescission notice is being submitted by a party that violated the contract
