What does revocation mean in the context of agreements in real estate?

In the context of agreements in real estate, revocation refers specifically to the termination of an agreement by the grantor. This means that the party who initially granted the agreement is exercising their right to cancel or withdraw it. Revocation can occur in various situations, such as when a seller withdraws consent for a buyer to purchase property or when a landlord cancels a lease agreement before the lease term has ended.

Understanding the implications of revocation is crucial because it can affect the rights and obligations of the parties involved. For example, if a seller revokes an offer before it is accepted, the buyer no longer has a claim to the property under that offer. The power to revoke is typically vested in the grantor, making it an essential concept in real estate transactions.

In contrast, the incorrect answers reflect different aspects of real estate transactions but do not define revocation. The transfer of ownership rights relates to the conveyance of property, the renewal of a lease agreement involves extending the duration of a lease rather than terminating it, and the completion of a sales transaction signifies the finalization of an agreement rather than its cancellation.