Benton, AR asked in Real Estate Law for Arkansas

Q: In Arkansas when selling and buying a home, can I choose to back out the day of closing? There was no earnest money.

I’m assuming that there is no way to back out of selling but I’m unclear as to whether their are legal ramifications of not buying a home. We did not put up earnest money and there’s not a specific reason except I don’t feel like it’s the right house for our family right now. I’m very anxious about all of it. Thank you

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1 Lawyer Answer
Tim Akpinar
Tim Akpinar
Answered

A: An Arkansas attorney could advise best, but your question remains open for four weeks. As a GENERAL premise of contract law NATIONWIDE, one could face monetary damages in backing out without valid justification. Such damages could be addressed in the contract of sale. You should consider consulting with an Arkansas real estate attorney (if you don't already have one representing you in the transaction) to discuss in greater detail. Good luck

Tim Akpinar

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