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After getting your offer accepted and opening escrow, you may want to cancel the contract, which is common. Fortunately, the residential purchase agreement allows buyers to back out for almost any reason during their inspection due diligence period. If issues arise during inspections that you’re unwilling to accept or if personal circumstances change, you can cancel without losing your deposit. Many buyers worry about forfeiting their deposit, but as long as you act within the due diligence timeframe (e.g., a 15-day inspection period), you can cancel escrow and keep your deposit.