1) If you make an offer and it is accepted, you have during the attorney review period to back out.
After that you are considered under contract, and no, you can not just back out without the seller being able to go after your deposit.
2) Inspections, - most contracts have the inspection clause, that if there are defects in the home and the homeowner will NOT address them, you can get out of it with your deposit. If the homeowner agrees to fix the issues and you still back out, the seller can go after your deposit.
As I understand it, you do not automatically lose the deposit like in some other states. I am pretty certain the opther party has to request it and if you do not release it, they can sue for it. Since they lost valuable marketing time on thier property you may be liable.
THis is as I understand it, but I am ot a lawyer... so check the facts with a local real estate attorney.