Buyer Wants OUT of House Purchase!

Purchasing a house is a major undertaking, requiring thoughtful consideration of finances, future plans, and personal preferences. Nevertheless, buyers sometimes experience a change of heart, often prompted by shifting financial circumstances, unexpected job relocations, or discovering a property they prefer more. In such situations, buyers can choose not to proceed with the purchase, yet this decision may come at a cost. Specifically, they risk losing their deposit, typically held in escrow, if they fail to meet contractual obligations. Most purchase agreements outline specific timeframes and conditions under which the buyer can withdraw without penalty. However, once those contingencies expire, backing out may lead to forfeiture of the earnest money deposit. This penalty helps protect sellers from last-minute cancellations that could otherwise derail their plans. Ultimately, buyers should thoroughly evaluate all factors before finalizing a home purchase to ensure they are ready to commit financially and emotionally. Careful planning is essential.

Tiffany Webber is a real estate attorney and owner of Thomas & Webber, a real estate law firm in Mooresville, North Carolina. They handle both commercial and residential real estate closings, estate planning, and business formations.

-
-
-
-
-
-
Thomas & Webber
514 Williamson Rd.
Suite 421
Mooresville, NC 28117
704-663-1600