However, as soon as the offer or counter-offer has been formally accepted, the buyer and seller are legally bound by its conditions. If you move away from a store, not only do you lose your deposit, but you can also be held responsible for any damage caused to the other party, such as for example. B the missed opportunity to sell to someone else, expenses resulting from a late move or loss of the seller`s deposit for another house, which is intended for purchase. The so-called “specific service” remedy (for you to complete the purchase) is an unlikely event, but a court could still make you liable for the total purchase price plus legal fees and expenses. When buying a new property, the pre-contract, which necessarily replaces the promise to purchase form, gives the buyer a period of 10 days to resign after signing.