Quick answer : could be large "ramifications" ! Exercising a right in a contingency is one thing..
backing out " on contractual obligations is another. Always get l legal advice before making any
moves ! Your attorney can help you sort out your "exposure" and possible fees to defend. Then you
can decide what makes sence. Play it smart get professional advice!
BOB BRUBAKER HIGHLIGHT REALTY PALM BEACH COUNTY FL. 561-876-6649
If a seller defaults, the buyer has a combination of three alternatives, the buyer may rescind , or cancel, the contract and recover the earnest money deposit, the buyer may file a court suit, known as an action for specific performance to force the seller to perform the contract - that is, sell the property, or the buyer may sue the seller for compensatory damages.
That would depend on the circumstances. Review the contract and see if any contingencies are still in effect that would 'allow' the seller to back out. If not, see what the contract states for breach of contract.
In a practical sense, there are none for the seller. A buyer may be able to pursue legal remedies if a contract has been signed with a breakup fee, but I haven't seen any of those. As agents, we operate under the general assumption that the seller is highly interested in completing the transaction.