Newbie Question: Bidding on Property- what happens if?

[Peter K.]

So I'm new to this real estate business and want to dive in and ready to learn. I have one question that I can't seem to find on Google: Once you bid on a property (through whichever local real estate agent you use), and the Seller agrees on the price- are you legally obligated to buy that property? How does this work? Once both parties mutually agrees on a price (and somehow you- the Buyer- change your mind) is there certain time restrictions on when/how you can back out? I know that once you get a home inspection done on the property and you find things that are broken, etc. you can back out of your offer but other than that you are legally bound to purchase? Someone explain this process? Thank you!