have an accepted offer on a home. I have second thougths and concerns, can I back out ?

UPDATED: Oct 1, 2022

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have an accepted offer on a home. I have second thougths and concerns, can I back out ?

I put offer on a home, it is accepted we are at day 18. I have concerns and want
to back out of the deal. what is my legal rights? will the seller keep my 5000
deposit? I had inspection and appraisal already and I know I am out that money as
Thanks and I am in CT

Asked on April 30, 2019 under Real Estate Law, Connecticut


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

There is no right to back out of the deal unless one of the following is the case:
1) There is some early cancellation or termination clause in the contract which lets you out under these circumstances and you fully comply with any requirements.
2) The seller breaches or violates the contract in a material or significant way, since their breach can allow you to terminate the contract.
3) You can show that the seller lied about something important (like a flooding issue or mold condition), since that would be fraud.
Otherwise, you are locked into the contract. At a minimum, they can keep your deposit; in some cases, if they can show that your breaking the contract led to greater losses for them, they might be able to seek additional amounts from you.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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