Can You Cancel a Real Estate Purchase Contract?
Whether you’re buying a Port Royal condo or a house in El Pescador, you’re going to have a real estate purchase contract in place that protects you (and the seller, in some cases) from making a bad deal.
But how do you cancel a real estate purchase contract without losing your earnest money deposit?
Can You Cancel a Real Estate Purchase Contract Without Losing Your Earnest Money Deposit?
Your Port Aransas Realtor® will be able to explain your entire real estate purchase contract to you—and you should read it thoroughly before you sign, because it outlines very clearly whether you can walk away from the deal under any circumstances. Remember: Once it’s signed, it’s a legally binding agreement.
Contingencies, which are a type of protection built into most real estate purchase contracts, can save you from being caught up in a bad deal. The most common contingencies involve home inspections, financing, and appraisals.
If you have the appropriate contingencies built into your contract, you should be legally able to walk away from the deal.
Are You Buying a Home in Port Aransas?
If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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