Asked by liatt drori, San Bruno, CA • Wed Feb 19, 2014
I recently agreed to buy a new home. Unfortunately, due to circumstances that aren't legally relevant in this case, I would like to back out. The liquidation penalty was set at 3% of the home cost ($575,000). I have already paid $5,000. If I back out now, will I be held liable for the rest? Or will I simply lose my $5,000 initial payment? Thank you!
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