can you back out of buying a house after signing a contract

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When you make an offer on a house it doesn’t become a contract until both buyer and seller have signed the paperwork. That sets in motion a timeline for contingencies, including getting financing.

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There are many reasons why a buyer might decide to back out of purchasing a house, even after an agreement has been signed. It might be due to unexpected circumstances or because the purchase agreement contingencies were not met in a timely manner.

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The reason for this is that under the standard conditions of sale (click to view a specimen of these), there are forfeit clauses that set out what a buyer or seller have to pay in the event of either one pulling out after exchange. Within the contract the buyer if they pull out loses their deposit, however the seller can equally be liable for remedies that have cost the buyer money directly.

However, you can back out legitimately if the house fails inspection (sometimes called the "cold feet contingency") or you can’t acquire financing or if there’s a disparity between the.

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You can make the offer even if you’re not 100% sure you want to buy the house, and even if you’re not sure exactly how much you want to pay. The contract usually provides a way for you to back out if you decide you don’t want the house after all, especially if the inspection turns up physical problems with the house.

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The next few steps you’re about to take require no small amount of time and money. So if you have any serious doubts whatsoever, now is the time to verbalize them. It will save everyone – especially you – a lot of time, money and stress. If you’re ready to proceed, here’s what you can expect after signing the real estate contract.