Real Estate Law
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Good morning Patricia. You need not worry about the broker; brokers are worried about only one thing generally and that is their commission; as a result, they'll pretty much tell you anything to try to get you to close. You're not going to get sued. Your only risk is the earnest money if you back out, but given that there are issues with the property, you should be able to get your deposit refunded. Even if had no right to terminate and your 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. Given your facts, you can simply terminate the agreement. Your seller may argue he's entitled to retain the earnest money, but that's your only risk; and, as I mentioned, given your facts, you would be entitled to have it refunded as well. You simply need to send a written notice of termination for cause and demand the refund of your deposit.
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