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After your offer is accepted and you've opened escrow, you may find yourself wanting to cancel the purchase. Fortunately, the residential purchase agreement protects buyers, allowing them to back out during the inspection due diligence period for nearly any reason. This includes discovering issues during inspections, having second thoughts, or even personal circumstances like job loss. Many buyers worry about losing their deposit, but as long as you're within the due diligence period—often around 15 days—you can cancel escrow without penalty and retain your deposit.