A buyer can back out based on the contingincies that were elected on the agreement-of-sale . If a contingency protects the buyer, the deposit monies should be returned. I would recommend to speak to your agent to know what type of contingencies the buyer elected and what the time-frames are. In Philadelphia, there is not an attorney review period.

Sat Dec 29 2007, 18:28

Joe,

Most contracts define a period of time that a buyer can withdraw their offer and the deposit is returned.
Normally the first period of time is defined in the paragraph of the contract that deals with the deposit monies.

The second period of time is defined by any contingencies that are applied to the contract. For example, in California the buyer normally has 3 days to withdraw per the deposit paragraph and 7-10 days to withdraw based on Loan or Physical inspections. Most contracts have a "blank" by these standard periods so the buyer can apply any period of time he/she wishes.

If the buyer is within a contingency period they can walk and have the right for their deposit to be returned. Make sure your agent goes over these dates with you and enforces them appropriately. If the buyer does not release the contingencies within the stated time period, your agent can initiate a "notice to perform".

Good luck,
CJ

Sat Dec 29 2007, 09:51

Joe,

Typically, when a buyer makes an offer to purchase a property there are a number of contingencies that must be met in order for the deal to close. Those contingencies might include inspections, mortgage, title review, review of home owners association documents, etc. Depending on how the contract is written, you may have the option of getting out of the agreement should you not like the results of the home inspection for example. I don't know where you are in the process,but this is a question you should ask the Realtor/attorney that prepares or prepared the offer with you.

Sat Dec 29 2007, 09:50