Legal Question in Real Estate Law in Arizona

Re: real estate contract release of liability

You should have a lawyer review the contract as soon as possible. It's impossible to advise you without seeing the contract.

Generally speaking, however, you cannot "back out" of a transaction without losing your earnest money. In fact, you could end up losing *more* than your earnest money if the seller sues you for breach of contract. But, there may be some contingencies in the contract that will allow you to get a refund. See a lawyer.

Re: real estate contract release of liability

More facts need to be known, and an examination of the contracts as they pertain to what has happened in this case, to give you a proper opinion. We can never give an opinion on a case that involves written contracts, because of course the rights, duties and liabilities of the parties depends upon the facts of the case and the provisions of the written contracts. A mutual cancellation usually contains language releasing the parties from liability. I do not disagree with the answer posted by Mr. Blum at all, just am adding additional comments.

Best regards,

James D. Jenkins