Legal Question in Real Estate Law in California

Re: Getting out of an accepted offer to buy a home

I would need to see the contract to determine your liability. My fax number, if you so choose, is (415) 492-2108.

Re: Getting out of an accepted offer to buy a home

Sure, you can get out. California law allows a period (17 days as I recall) during which you can get out of the contract. If you don't make the deposit, you have not fulfilled a requirement for the completion of the contract. I recommend that you not submit the deposit and just back out. Your real estate agent should be knowledgeable on that issue.

Re: Getting out of an accepted offer to buy a home

I can't believe that you have a "no contingency" contract. Almost every real estate contract has contingencies for inspections, financing, review of preliminary title reports, etc.

Contracts are written for buyers.

Re: Getting out of an accepted offer to buy a home

Once your offer is accepted, you likely have an enforceable contract if there are no counter offers. There is likely some contingencies that might work to your advantage despite your statement that there are no contingencies. Some relate to your qualification for loan, inspection of property, disclosures, etc. If not terms of agreement will likely dictate the seller's damages if you back out, if they do not agree to allow you to do so voluntarily with a negotiated resolution.