Once you sign a contract to close on a property by a certain date, is there any way to get out of it?

Question

If there is, what do you lose? Earnest money? Anything else?

Answer 1

i think its just that deposit/earnest money - not quite sure, though

Answer 2

There are a ton of ways to get out of it.

Talk to your real estate lawyer.  Chances are you will get your earnest money back.

The easiest ways to get out is through the inspection clause.  Just say that they didn't fix it good enough, no matter what they do.

but like I said, talk to your lawyer

Answer 3

If you have cause because of something the seller did or did not do you can get out and get your money back.  If you don't have cause, ie: just changed your mind, the seller can keep the earnest money, and also sue for any damages they incur due to you canceling the contract ie; earnest money they may loose,  if they must break their contract on another home because of your action, or a non-refundable deposit for their moving co.  You should speak with a real estate lawyer, realtor's sell real estate, they haven't studied real estate law.  Good Luck