More details to this question:
We have a contract to purchase a residence. The closing is scheduled for April 15. With the current market turmoil and other perssonal factors, we wish to cancel our contract. What are our options and is there any possibility to recover part of the earnest money?
1 ANSWER
Generally, if a buyer signs a contract to purchase property from a seller, then if the buyer backs out after the inspection period expires, then the buyer forfeits the earnest money deposit that was deposited. You should review the contract with an attorney here in Florida for more specific advice.
Answered on Apr 15th, 2025 at 9:57 AM