Q: I am one day away from closing on a home, but no longer wish to move forward with the purchase.
What type of penalties might I face or right to back out at this point in the process?
A: The obvious one is forfeiture of your earnest money deposit (EMD). It is possible you would be sued to specifically enforce the contract and force you to buy it, but that is a long expensive suit that will tie up the sale until it’s over and the seller would prefer to just sell their home—so not a likely scenario.
Cedulie Renee Laumann agrees with this answer
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