Quote:
Originally Posted by Blueblaze
Well that's BS. Yes, you have the right to back out of the contract, if you're willing to give up your $10,000 deposit. Which is the same thing as saying, "Tough luck, Buddy, we hold all the cards, and, unless you're willing to spend $10K on a lawyer we don't own -- suck it up".
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It depends on how the inspection contingency is written. In some cases, the buyer can cancel the sale if they don't like the inspection results. In other cases, the seller has the right to correct certain defects. But, the earnest money deposit is held in escrow by a third party, not by the seller. It is rarely forfeited.