The short answer to this question is yes. The damages could be something as simple as leaky faucets or as serious as structural issues with the foundation. Once discovered, a buyer may choose to cancel the contract or send an inspection report allowing the seller to resolve the issues.

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The general language most often used in Arizona residential real estate transactions states,. See Arizona Purchase Contract , Association of Realtors, pg.

If the above clause is not altered by an additional addendum, the buyer may cancel the contract and recover his or her earnest money. In addition to the inspections exception, the Arizona purchase contract also allows a buyer that, after a good faith attempt, has been unable to obtain financing to cancel the purchase contract and recover any earnest money placed in escrow.

Again, the general language most often used in Arizona residential real estate transactions states,. There are exceptions and cases interpreting both of the exceptions discussed above, however, in most cases the buyer is able to cancel the contract and obtain a full refund of any earnest money that is paid.

Unfortunately, finding a better deal or getting a bad feeling about the house or neighborhood is insufficient reason in the law to cancel a valid purchase contract. Depending on the terms of the purchase contract, a buyer that breaches a contract to purchase a property has liability only up to the amount of earnest money deposited. If the buyer then walks away from the deal, the seller is made whole by receiving the earnest money.

It is against public policy to force someone to purchase a house they do not want to own. Before deciding to breach a contract it is always best to speak to an attorney that has reviewed your specific contract and can advise you on the best course of action in your situation. It is not always possible to perform on a purchase contract, there are many reasons that you may need to cancel.

Tip 8 - Most Arizona home sellers will be satisfied with an earnest money amount equal to around 1% of the price | Arizona Real Estate Notebook

If you are considering canceling a purchase contract and need assistance, please contact us today. Please request information concerning fees before scheduling a consultation. Real Estate Law Questions: Can I Back Out Of My Purchase Contract After It Was Signed By the Seller?

The deed is done. The contract has been signed. Then something comes up which puts you in a bind. But its too late, the deal is signed. Unable to Obtain Financing In addition to the inspections exception, the Arizona purchase contract also allows a buyer that, after a good faith attempt, has been unable to obtain financing to cancel the purchase contract and recover any earnest money placed in escrow.

Found A Better Deal Unfortunately, finding a better deal or getting a bad feeling about the house or neighborhood is insufficient reason in the law to cancel a valid purchase contract.

Arizona Department of Real Estate

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