Backing out of a home purchase

Backing out of a home purchase

Backing out of a home purchase in California is not so difficult as it is a very consumer friendly state for home buyers. One of the MOST important rights you have as a buyer is backing out of a home purchase!

Let's imagine you find a home that is perfect fit for you.  You come to an agreement on the price and terms with the seller and you agree to purchase the home.

The day the seller accepts your offer, he or she will want a deposit from you that shows in "good faith" your intentions to purchase the property. That deposit is typically 3% of the purchase price and must be deposited into escrow within 3 days of acceptance.

You now have some time to do your