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It ain't over till the Fat Lady Sings!!
Someone just hit my blog asking if a home buyer that is under contract can back out of purchasing their home.
Simply put, It ain't over till the fat lady sings!!
It may vary from state to state depending on state law and what is considered standard and typical in your state. In Massachusetts, many of the basic contracts are relatively the same when it comes to purchasing a home. There are typically two contingencies in the contracts that we see where buyers can withdraw from a contract and if done it a timely manner and properly they will receive all deposit monies back.
Mortgage Contingency- The buyer usually has about 30-45 days from the date of signing the contract to secure a mortgage. If they cannot obtain financing by a certain date they can notify the seller and back out of the contract with no recourse to them. Home Inspection Contingency- The home buyer will typically have 5-10 days to complete a home inspection. If anything is to their dissatisfaction they again may withdraw from the contract with no further recourse to the buyer. (unless new terms can be negotiated) Once the contingencies have passed then a home buyer must ... more

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