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Q. Other than forfeiting an earnest money deposit, is there a penalty for canceling a real estate purchase contract?  A.  It depends on the contract. If the purchase contract was accepted by the seller, escrow was opened, the seller may file a lawsuit for specific performance, specially if the real estate market is in a downward mode and the seller would lose money by having to put the property back on the market and sell it at a reduced price. Time is often of essence in a real estate sale and obviously a lot of time, and profits can be lost when the seller loses several months in paying a mortgage on real estate that did not sell quickly. The penalty would be attorney's fees in defending a lawsuit for specific performance, not to mention the Court can force you to buy the property if you lose the suit. Q. Can I remove myself from a mortgage that I had with my mother when she bought her house? I now want to buy my own house, but I cannot qualify because I am still...
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