Can I back out of an accepted offer to purchase home?

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Can I back out of an accepted offer to purchase home?

I offered, they accepted. I have not
given any money yet. Once I
discovered what the monthly payment
would be with all the add ons I decided
I can’t afford. My agent is telling me I
still need to give escrow money asap
and then can back out. That doesn’t
sound right.

Asked on November 6, 2017 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Your agent is wrong--you can't back out at all, unless--
1) The contract for the purchase has some cancellation or early termination clause, and you comply 100% with its requirements.
2) The other side lied to you (committed fraud) about something important to get you to make the offer; fraud can void a contract.
3) The side is violating some material (important) obligation contained in the contract, which breach of contract will let you treat the contract as terminated.
Otherwise, once you made an offer and the other side accepted it, you became contractually obligated to the sale.


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