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Back out legally

When can I pull out of a purchase contract?
You or the seller can pull out any time before the house is actually sold. But there can be consequences, such as losing your deposit or getting taken to court. For example, let's say you are in the middle of countering a counteroffer from the seller and another buyer writes an offer for more money. The seller accepts this offer without responding to your counteroffer. You want to cry foul, but the seller has the right to consider any offers until they have signed an acceptable agreement to sell their property. Make sure you understand exactly your rights and responsibilities of any purchase offer you make.