Buyer Backed Out Of The Deal

[Quynn Costello]

At what point in the escrow process is the buyer no longer allowed to back out of the deal? Or can they technically back out at anytime before the close of escrow? Thanks!

[Derek Carroll]

It all depends on the contract language but the reality is a buyer can back out at almost any point.  Worst that happens is that they lose (and you keep) their earnest money deposit. On most commercial or large Multifamily the deposit goes hard and at risk earlier in the transaction but on a small residential a buyers attorney could make a number of arguments all the way up until closing and still have a shot of getting their deposit back.