You will likely lose your deposit, which typically ranges from 1% to 10% of the home's sale price.
Backing out of a home purchase is possible, but its ease and cost depend heavily on and the contingencies included in your contract . If you withdraw after an offer is accepted but before contingencies expire, you can often do so without penalty. However, backing out later in the process—or without a valid legal reason—can result in losing your earnest money deposit or even facing a lawsuit. Common Ways to Back Out Legally backing out of buying a home
This allows you to back out if you cannot sell your current home within a specific timeframe. Potential Consequences You will likely lose your deposit, which typically
The seller could sue you for damages or, in rare cases, "specific performance" to force the sale. However, backing out later in the process—or without