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As the buyer, you can cancel a real estate transaction at almost any time prior to signing the closing documents. However, there could be penalties depending on when and why you’re backing out of a home purchase.
One of the key parts of the homebuying process is signing the purchase and sale agreement, which is a contract between the seller and the buyer that lists the price, terms, and conditions under which the house will be sold. Once the purchase and sale agreement is signed, the home is considered under contract — the seller takes down the listing, and the buyer puts down a deposit and has the house appraised and inspected. After this point, backing away from the deal comes with risks.
Featuring Annie Margarita Yang, Personal Finance Writer
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