Definition of "Revocation"

John Collinge real estate agent
John Collinge, Real Estate Agent Remax Dynamic Properties

Revocation comes from the verb "to revoke", which means to take back the validity of something. In real estate, revocation is a term applied in a few different situations:

  1. When a person or a business making an offer decides to nullify that decision before it is accepted.
  2. For the act of canceling the authority given to another such as when a homeowner takes away the right of a real estate agent to represent him.
  3. When terminating a financial instrument before issuance.

 

Real Estate Tips:

Revocation guidelines and eligibility vary from state to state, so do not forget to contact a local real estate agent to help you understand the specifics of your real estate market!

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Comments for Revocation


Lexi Wyatt Lexi Wyatt said:

How many days does a buyer have after accepting an offer to revoke the offer using the disclosures as the reason?

May 18, 2018  14:09:48

 
Real Estate Agent

Hey, Lexi

Usually 3 days before the closing date, but you'd have to check your state's regulations; better find a local real estate agent to help you out on this one, because in some cases you can't just "give up"; the home seller has the ability to prove his disclosure was right etc. So, please, feel free to search through our real estate agent directory (it's 100% free) and contact one to help you with this situation!

May 25, 2018  08:59:39
 

 

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