We put down money in the binder. Seller accepted the our buying bid. Now we have second thoughts about the property and want to back out. Do we lose the money binder?
The contract will govern the deposit. Typically once the contract is signed buyer's remorse isnt a reason to back out and get your deposit back. By then most contracts give the deposit to seller for his/her damages.
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The answer depends on the terms of the binder (contract). More often than not, the buyer forfeits some or all of the deposit if he or she later chooses not to perform - but it depends almost entirely on the wording of the contract. Review the terms of your contract, and if you cannot understand your rights and liabilities, consult with a good local real estate attorney as soon as possible.
Hope this helps.
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Whether you will be able to terminate the contract and receive a return of the deposit you gave the seller will depend upon the terms of the contract that you signed. You would be well served to retain a real estate lawyer to review the contract. Good luck.
As my colleagues have all replied, the answer to your question depends on the terms of the Contract. Assuming your contract had a due diligence period, you may be able to terminate the Contract and receive your deposit back. An experienced real estate attorney will be able to help you answer your questions.
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