Inside South FloridaTrusted AdvisorsReal Estate Today with broker Patty Da Silva and Chris Green

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Tips to avoid penalties if you cancel home buying contract

Posted at 2:53 PM, Oct 19, 2022

There are myriad of reasons that can impact a homebuyer’s ultimate decision to purchase a home. WSFL-TV Trusted Advisors, Broker Patty Da Silva, and Realtor Chris Green of Luxury Homes by Patty Da Silva at Green Realty Properties, joined Inside South Florida to share insight on how backing out of buying a home could impact you.

Penalties could negatively impact you if you decide to renege on the contract agreement.

“When you buy a house, the contract has contingencies. There are inspection contingencies, appraisal contingencies and financial contingencies,” says Green. “A buyer can back out even during the inspection period,” says Da Silva.

If you decide to cancel the purchase, there are contractual clauses to protect the buyer.

“If a buyer is purchasing with cash, their escrow deposit is solid. After the inspection period the deposit will be in jeopardy if they were to back out. If they're financing, they have a long commitment period that provides the opportunity to obtain the loan,” says Da Silva. “If they're unable to obtain the loan after doing everything correctly, they will get the deposit back after the deadline. If they don't close on the property, the seller can secure the deposit.”

For more information, visit PattyDaSilva.com

This Inside South Florida segment is paid for by Green Realty Properties.

Inside South Florida

10:49 AM, Jul 26, 2019

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