Can I Back Out Of Buying A Property?

The good news is that whatever the reason might be, you can back out of buying a property. However most would agree there's a good time to do it and a bad time to do it. The good time to back out is any time before the contracts are exchanged. You can do so at this stage without incurring any legal or financial ramifications for doing so. The bad time to back out of a property purchase is once the contracts have been exchanged. Once exchanged, the agreement to buy the property is legally binding, and if you back out of a property purchase at this stage you should be prepared to incur the financial ramifications of doing so. 

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