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Good afternoon. I certainly understand the situation and your concern. Once the contract is signed and executed by all parties, it would be legally binding and the terms and conditions stated within, will control. With that being said, to back out and break a contract, there needs to be a legal basis to support it. If the inspection period and any other periods or conditions have passed to cancel and back out, then you would be expected to close on the agreed upon date. Now, as far as your liabilities, those are going to be stated in the contract, under the damages
section. If they want to force you to buy the home, they would have to seek specific performance. That is very unlikely to occur but they can sue you for damages, on top of the earnest money which would be lost. Of course, if you do not want to go forward, speak with them and try and work out a deal. See if they will just agree to keep the earnest money and let you walk and if you give them advance notice, it could minimize and additional loss to them. Re-read the contract which you signed, which should stated the remedies available to either party, in the event of breach. This way, you know what they could go after you for and what you would be liable for, if you back out. If you do not say anything and next thing you know they go and buy another home in reliance on this deal and incur other costs, they may try and recover those damages as well.
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