What if Buyer doesn't want to buy for any reason...

[Raj G.]

if somebody buying a home, ldeposited like 50-60k in escrow account.

home inspection is done, home appraisal is done, now due to some reason, like in the mean time interest rate went very high or any other personal reason, buyer doesn't want to buy or get delayed..just wondering is there any penalty or where are these things defined?

I think rules will be same in Jersey city, Newark, Hobokon, union city, NJ, NY, Bergen county, or anywhere else...