Real Estate Law
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If you were to terminate the contract and refuse to sell, then the buyer has a couple options... they can sue you for "specific performance" to force you to continue on with the sale or they can agree to terminate and walk away, getting their deposit back, or they can sue you for damages if they have spent anything towards the purchase like an appraisal.
But since a specific performance lawsuit could drag out a year or longer, most buyers won't take this route and will normally just settle if the seller reimburses them for any expenses and refunds their deposit..