Can I cancel the contract if I decide not to proceed?

Updated March 13, 2023.

No, not unless the terms of the contract allow for you to do so (see the answer below regarding “contingencies”). Unlike some other types of contracts, there is no grace period following the signing of the contract when it can be cancelled or “rescinded”. Once the seller has accepted a purchase offer, it becomes a legally binding and enforceable contract. Therefore, before submitting or accepting a purchase offer, it is critical that you are certain that you want to proceed upon the terms and conditions in the agreement.

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