Buying a home can be stressful, and sometimes, buyers consider backing out of a deal. Here’s what you NEED to know:
1️⃣ Contingency Periods: If the contract includes contingencies (like inspections, appraisals, or financing), the buyer can terminate the deal during that timeframe without penalty.
2️⃣ Outside Contingencies: If the contingency periods have passed or no contingencies exist, backing out could mean losing the deposit or even being sued by the seller.
3️⃣ Escrow Disputes: The escrow money stays put until BOTH parties agree or there’s a court order. So, think twice before making any decisions!
📩 Got questions about your real estate transaction? Drop them in the comments or DM me. Let’s make the process smooth and stress-free!
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