buyer wants to back out o contract

[deepak]

Hi,
I enterted a contract to purchase a house as is in California and all other contigencies were
released.. There is a 3% deposit in the escrow.. I need to cancel this contract now due to some personal reasons.. What all options do I have?

Thanks for help.
DK

 

[NYClex]

it depends on your contract. Read what it says about termination. If you back out of it without an applicable provision in the contract you will probably be found to be in breach, which could cost you not only your earnest money but even more damages.