Expert: Melinda Gossard - 4/24/2008

Question
I just bought a house a month ago and now I am going through my divorce. I deposit $10000 into the house. So I wanted to cancel the deal and pay them only $5000. But the seller won't except it they need me to closed on time on the closing date. Otherwise I have to pay the whole deposit plus the commision for an agent. Please give me some advise thank you

Answer
Did you buy a house a month ago or are you getting ready to close on a house?  Your statement implies both.  

If you have not settled, but are under contract you are obligated to go through with the deal.  That is the purpose of a contract.  Other people's lives and transactions are affected by this if you just decide to walk away.  

Read the contract!  It probably says the seller can keep your deposit if you just walk away.  The commission that you would pay is typically if you have a buyer's agency agreement with an agent (other than the seller's agent), that could be entitled to payment if you walk away.  It sounds legitimate to me.