Retract

What Does Retract Mean?
The withdrawal of a bid, offer or statement before any relevant party acts on the information provided. In most circumstances, retracting an offer within a proper time frame will relieve a person of any obligations associated with the bid.

Investopedia explains Retract
Before retracting a bid, there may be some things worth considering. For example, it is common practice in real estate transactions to provide a deposit, known as earnest money, to the seller. This shows the buyer's intention to complete the transaction. If the buyer decides to retract the offer on the property, he or she may also be required to forfeit the deposit.