Cancellation and Refund

A return or cancellation may be considered under the following conditions:

• A. Contractual Clauses :

  If a return or cancellation is allowed under the terms of the purchase agreement, the buyer must follow the contract’s specified procedures and timelines.
  Any earnest money deposits may be subject to forfeiture or refund based on the terms of the agreement.

• B. Inspection & Due Diligence Period :

  If the property is found to have undisclosed defects during the inspection period, the buyer may be entitled to terminate the contract and receive a refund of their deposit, subject to contractual conditions.
  The buyer must notify the seller in writing within the due diligence period to qualify for a refund.

• C. Financing Contingency :

  If the purchase is contingent upon the buyer securing financing and they are unable to obtain a loan despite making reasonable efforts, they may be eligible for a contract cancellation and refund of their deposit. Proper documentation from the lender will be required.

• D. Seller Misrepresentation or Fraud :

  If the seller is found to have intentionally misrepresented the property’s condition or legal standing, the buyer may have grounds to cancel the transaction and seek a refund or legal recourse.

Regardless of the return or cancellation, the following costs are typically non-refundable:

• Legal fees incurred by either party
• Appraisal and inspection fees
• Title search and escrow fees
• Any third-party service costs related to the transaction

Notification: The buyer must submit a written request to the seller or real estate agent outlining the reason for cancellation.
Review: The request will be reviewed to determine if it meets the eligibility criteria.
Resolution: If approved, the return or cancellation will be processed based on the contract terms, and any eligible refunds will be issued accordingly.

This policy does not apply to:
Properties purchased at auction or foreclosure sales Commercial real estate transactions unless specified in the contract As-is property sales where the buyer has waived inspection rights

This policy is subject to local, state, and federal real estate laws. Buyers and sellers are encouraged to consult with a real estate attorney before making any decisions regarding contract cancellations or returns.