@Michelle L Moore, there are six standard contingencies in the most common form purchase agreement used for California residential properties created by the California Association of Realtors. As some have noted, yes, there is a contingency for the physical inspection of the property, but that contingency and cancellation must be exercised in good faith and cannot be exercised simply because one decides that the home is too dated. In other words, you cannot rightfully exercise a contingency and cancel a contract for a visually obvious/open reason, such as thinking that the property now appears too dated. However, if one discovered during a physical inspection that the home utilized dated electrical system like knob and tube wiring, one could cancel the contract.
The seller can negotiate a no-contingency purchase agreement, which could potentially enable the seller to keep the earnest money deposit if the buyer cancelled the escrow.
