I am (was) in a process of buying a property, and went as far as getting approved (hon-shinsa) by the bank and I already signed a purchase contract. I have also paid the deposit (tetsukikin) to the seller.
Unfortunately, things have changed and due to personal reasons I need to back out as soon as possible. I know that I will definitely not get the deposit back at this point. But can there be any other penalties for cancellation? The contract is vague on this point and says "penalty may be charged" but I want to know if they can legally do this. Do property buyers have any protection in such kind of cases? Is there any time period where it is legally safe to back out from a housing contract?
Thanks!
by vadibur