Can you back out of a purchase before giving earnest money?

[Michael Cote]

The title says it all. Are there any repercussions for backing out of an accepted contract before earnest money is even given? Can you get sued?

[Crystal Smith]

Originally posted by @Michael Cote:

The title says it all. Are there any repercussions for backing out of an accepted contract before earnest money is even given? Can you get sued?

My understanding of contract law is that the contract isn't valid until something of value passes between the party to seal the deal. That something of value is Earnest Money. Can a seller sue if you don't provide the Earnest money- It depends on how the contract reads, but if it's a small deal & you haven't forced the property off the market for too long, you won'd be sued.