Buyers Alert - Cancelling escrow is not free

I suspect many buyers believe that they can cancel an escrow and not lose any money. Not 100% true. Some escrows in North Orange County real estate have a cancellation fee, plus some out of pocket costs that escrow has to pay will be allocated to the buyer. Even the sellers cost of HOA documentation fees will be paid out of the deposit of the buyer (only until either another escrow is open on the property or the seller brings in some money to escrow). This will surprise many people. But remember, the only money in the escrow to pre-pay HOA document fee is the buyers money - until escrow closes of course. So be alert Buyers - you may not get all of your deposit back. (At least right away)