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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 30384
Experience:  JA Mentor
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Can a buyer or seller opt out of a home purchase at closing?

Customer Question

Can a buyer or seller opt out of a home purchase at closing?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 2 years ago.
Hi,
I'm Lucy, and I'd be happy to answer your questions today.
In short, no. The contract for the sale is binding, unless there are contingencies that have not been fulfilled. So, for example, if financing falls through and the contract has a clause that says it depends on financing, then the buyer could request an extension to see other financing. But there is no general right for either party to change his mind at the closing.
Also, contingencies are nearly always to protect the buyer. The seller doesn't have the ability to cancel.
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