At a minimum, you will lose the deposit. It would be up to the seller, and maybe the broker, if they want to pursue additional legal action. You should reread your contract to see if there are penalties beyond the deposit.I put a deposit passed ROFR but have not signed closing docs, something has come up and I am having second thoughts...is it too late? Do I lose my deposit?
Or 1 yr if the contract did not meet the required stipulations though it's likely that a contract from one used to working with DVC would be compliant.By Florida law you have 10 days from the date you signed the original purchase documents (not the closing docs) to back out without any penalties. Since you have passed ROFR it has probably been more than 10 days since you signed the purchase agreement. If so, then you will most likely lose your deposit if you back out now.
The exception would be if the sellers drag their feet and do not get their closing docs in by the deadline specified in your contract. If that happens you can walk away from the deal and get your deposit back. All of this should be spelled out in your purchase contract documents so look through them very carefully so you know what you agreed to when you signed them.
Had a small contract for sale twice. Never sold it. Had two buyers go all the way through ROFR and then backed out. I got half of the deposit and the selling company got the other half both times.
Technically, you should lose the deposit because the seller did work for you and you took the owner's points out of the market for over a month.
But in the end, if you will be out money you can't afford if you complete the sale, you are better off just losing the deposit.
The broker gets their "commission" when the buyer backs out. It would be spelled out I. The seller's listing agreement with the broker. They buyer loses their entire deposit.Hmm, I'm surprised you only got 1/2 the deposit. That doesn't sound fair.