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In the words of the contract "seller shall sell and buyer shall buy" as agreed upon. I am not an attorney so this is not an interpretation of the language or an offer of legal advice.
Still, the residential contract may have contingencies to be satisfied for the transaction to proceed to closing. These contingencies, including the inspection contingency or financing contingency, provide opportunities to terminate an agreement.
But, outside of legitimate contingencies, buyers or sellers should think twice about just walking away from the deal.
In my experience I think buyers and sellers very often take the real estate contract too lightly. It is a serious obligation. Any breach of the contract can have serious consequences.
There could be more at stake than just losing a deposit. Speak with a qualified attorney before making a decision to walk away.
Again, I am not an attorney.
As a real estate agent I can't tell a buyer or seller what to do when it comes to terminating a contract outside of the contingencies included in the contract.
I will say only this.... the real estate contract is serious business.
Have a question about real estate in Brevard County, Florida? Call me at 321-693-3850 or email me.