Legal Question in Real Estate Law in Maryland

Re: buyer breach of contract

The most likely consequence is you will lose your deposit. But if the contract provides that the buyer's default gives the seller the right to seek further damages, there is also the possibility that if the seller gets less than your price upon resale, he will sue you for the difference, as well as any other damages they incur as a result of your default.

You didn't mention it, but if you have a legitimate reason for backing out, such as the inability to meet a financing contingency, or you have the protection of a home inspection, or it's a condo and you are within a certain time period, you may be able to invoke your right to withdraw without penalty.