What happens if a buyer backs out after signing a contract?
Written and reviewed by Andrew Ragusa, Licensed Real Estate Broker and Broker of Record, REMI Realty LLC — 11+ years of transactions across Long Island, Brooklyn and Queens.
The short answer
The best answer comes from your real estate attorney, as a broker cannot provide legal advice. Outcomes depend entirely on the specific terms written in the contract. In some situations legal remedies are available, but exactly what applies to your deal requires professional legal guidance — which is one of many reasons I recommend working with an experienced real estate attorney from the very beginning of the process.