If I have an accepted offer on a home but have second thoughts, can I back out?
Question Details: I put offer on a home; it was accepted and we are at day 18. I have concerns and want to back out of the deal. what is my legal rights? Will the seller keep my $5000 deposit? I had inspection and appraisal already and I know I am out that money as well.
There is no right to back out of the deal unless one of the following is the case:
1) There is some early cancellation or termination clause in the contract which lets you out under these circumstances and you fully comply with any requirements.
2) The seller breaches or violates the contract in a material or significant way, since their breach can allow you to terminate the contract.
3) You can show that the seller lied about something important (like a flooding issue or mold condition), since that would be fraud.
Otherwise, you are locked into the contract. At a minimum, they can keep your deposit; in some cases, if they can show that your breaking the contract led to greater losses for them, they might be able to seek additional amounts from you.