Looking for legal assistance

[Quanell Frost]

Hello BP community! I am looking for any feedback. My fiancé and I looking to purchase our first multi family property. We have found a property of interest , viewed it and placed in offer which was accepted ! We went over and signed the initial paperwork and placed a deposit for good faith which we thought legally binded us to the property. Well our agent just gave us news that a higher cash offer was made from a potential buyer and the seller can legally accept as we are not yet legally tied to the property. Of course we will have attorney look over things but I'm just wondering would this be legal for the seller to accepted another offer cash or not? Thanks