Q: Contract for home sale signed, buyer backed out never showed up for closing. Is there no Legal recourse for backing out
A: One would need to thoroughly examine the terms of the contract of sale in order to establish your rights as well as your obligations as it relates to the transaction.
A: Typically, the buyer forfeits their earnest money if they back out except for very specific reasons set forth in the earnest money contract.
A:
In North Carolina, there are a few requirements established by law and the rest depends primarily on the contract.
Generally, the buyer has the right to back out unless the contract says otherwise. Typically, they will forfeit their due diligence money. They might also forfeit their earnest money if the two were distinguished in the contract.
An attorney would need to review the Offer to Purchase and Contract to be able to provide a more definitive answer.
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