When can a buyer optionally withdraw an offer before it is accepted?

A buyer can withdraw an offer at any point before the seller officially accepts it. This means that as long as the acceptance has not occurred, the buyer retains the right to change their mind and retract their offer without any legal repercussions. This principle is rooted in contract law, which asserts that an offer is merely a proposal until it is accepted, thus allowing the proposing party (the buyer, in this case) to revoke it.

In contrast, the due diligence period, while important for other parts of the transaction, does not specifically govern the ability to withdraw an offer. The mere act of submitting an offer also does not negate the buyer's ability to rescind it before acceptance. Additionally, simply receiving notification of the seller's interest does not bind the buyer; there must be a clear acceptance for the offer to be valid and enforceable. This emphasizes the buyer's autonomy in deciding whether to proceed with the offer prior to confirmation from the seller.