Yes, assuming the contract is otherwise enforceable. It would not be enforceable, for example, if the seller did not provide a seller's disclosure statement or if the house was built before 1978, a lead-based paint disclosure. There are other possible grounds in some particular situations (seller is a licensed real estate agent, developer of a condominium, lied about the condition of the house, or does not have clear title to the property).
If the contract is enforceable and the buyer wants out for a reason not covered by the agreement, the seller can (1) take the deposit and terminate the agreement, or request a court (2) to compel the buyer to perform the agreement or (3) to award the seller his or her actual damages.
The seller's damages are, loosely speaking, the difference between the sale price in your contract and the value of the property on the day you breach. If the property was listed through a realtor, the price you agreed to pay is probably about the same as the value today. The seller could also recover some other damages, like the cost of carrying the property (taxes, mortgage interest, insurance) until a new buyer is found and that deal closes.
Answered on Sep 05th, 2017 at 8:13 AM