Hi everyone,

I recently signed an agreement of sale for a single-family home in Philadelphia. The seller just signed the contract as well, so I understand we are now technically under contract.

The agreement is contingent on inspection. After thinking it over more carefully, I’ve realized I may not actually want to move forward with the property. My concern is that paying for the inspection may just be a waste of money if I already know I’m leaning toward backing out.

One important detail: I have not yet paid the 1% initial deposit.

My question is: if the contract has been signed by both parties but I have not yet submitted the initial deposit, is there any way to cancel before paying that deposit? Or would I still need to follow the inspection-contingency process and formally terminate after the inspection period begins?

I understand this may depend on the exact contract language, and I’ll speak with my agent, but I’d appreciate any practical insight from people who have dealt with this before in Pennsylvania.

Thanks.