Real Estate Law
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If all the contingencies were removed, if the buyer doesn't close pursuant to the contract, the buyer would be in default. BUT, the seller isn't likely to get anywhere with a lawsuit. The buyer's only risk is the loss of earnest money if the buyer backs out. Even if the contract provides for specific performance in the event of default, the fact is that courts simply do not enforce specific performance against buyers. Rather, the courts consider the earnest money as adequate compensation to cover any losses of the seller because the seller still owns the property and can simply sell it to another buyer. Although the buyer can never prevent the seller from suing, the most the buyer really has to risk is the loss of earnest money.
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