In Arizona, what are the options for backing out for a buyer who has signed a purchase agreement and is within the inspection period? Would they forfeit the earnest money deposit?
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In Arizona, what are the options for backing out for a buyer who has signed a purchase agreement and is within the inspection period? Would they forfeit the earnest money deposit?
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Asked on August 2, 2019 under Real Estate Law, Arizona
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
The inspection period allows you to back out if issues are identified which the seller refuses to address or fix. If there are no issues or the seller agrees to fix them, you cannot get out if the deal using the inspection period. As the realtor stated, if you refuse to through with the sale without just cause, you lise your deposit or earnest money.
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