[mykalberta]

Backing out of a home purchase after you signed the agreement and paid the deposit - real classy.

As what others have said, my realator said she has seen a few backouts and just forego the deposit. Normally the seller just accepts it and tries to resell it and if they get what they would have got from you they normally forget it.

Some she said have gone after them for different fees, lawyer etc. Also if they made arrangements like buying a new home they will sue for lost investment income from the time they would have been paid to when they move into the new house, or if they have to take out a larger loan they have sued for interest costs etc.