I Can Back Out Of The Purchase Agreement, Right?

That depends.  Most purchase agreements have provisions for due diligence, loan approval, appraisal at the purchase price, and title contingencies.  During those time period set out in the

Don't make an offer if you don't want it.

purchase agreement a buyer may rescind their offer to buy.

If the buyers do rescind, all parties are usually returned to the place where they were prior to the acceptance of the purchase agreement.  All monies are returned, less any expenses, the buyer may have incurred.

If all the contingencies have been removed by the buyer and there aren’t any new material facts that have arisen.  And the buyers want to back out of the purchase agreement they may be able to, however, in most cases it will cost them money.

How much it will cost them depends on what the purchase agreement states.  At this point it becomes a “legal” issue and lawyers, judges, and courts have the final word on what and how much.

The severity depends on length of escrow period that has passed.  What the actual damages the seller have incurred and anything else a lawyer can think. In any case, it is an ugly situation and not something you will not want to experience.

Call or email Cliff Keith and Team for more details: 650-346-7366 or Cliff@SFBayHomes.com