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

UPDATED: Oct 1, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Oct 1, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 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.

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 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption