Legal Question in Real Estate Law in Maryland

Re: Terminating residential contract of sale

You will need to enter more facts if you would like a useful reply. A standard real estate purchase contract has a financing contingency provision that allows the buyer to cancel the contract if they follow the loan application requirements and cannot qualify for the type of loan specified in the contract. However, the buyer cannot simply decide after signing the contract that they don't want the property after all because of the loan requirements and withdraw. This would subject you to loss of your earnest money deposit.