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Updated almost 4 years ago on . Most recent reply

Can you back out of a purchase before giving earnest money?
The title says it all. Are there any repercussions for backing out of an accepted contract before earnest money is even given? Can you get sued?
Most Popular Reply

My understanding of contract law is that the contract isn't valid until something of value passes between the party to seal the deal. That something of value is Earnest Money. Can a seller sue if you don't provide the Earnest money- It depends on how the contract reads, but if it's a small deal & you haven't forced the property off the market for too long, you won'd be sued.