Can I Back out After Making an Offer?

When you sign a purchase agreement for real estate, you're legally bound to the contract terms, and you'll give the seller an upfront deposit called earnest money. ... But having contingencies in place makes backing out of an accepted offer perfectly legal while ensuring you get your earnest money back in most cases.

Can you pull out once offer accepted?

Accepting the offer

An accepted offer is not legally binding until contracts are exchanged. This means a buyer can back out of the sale at any point up until contracts are exchanged. This is also the same for the seller.

Can a buyer change their mind after accepting an offer?

Once the offer is accepted, the contract often binds both parties so no one can change their mind without the consent of the other party.