Can you get deposit back if you back out

For this new home collection 2010, the builders are requiring 3% as a deposit. But the home isn't completed for another 5-6 months. Is it possible to back out of the purchase and get your deposit back?

Could I do it if:

1. I lost my job
2. I changed my mind

I'm just curious what the rules are.

[quote author="escrowbear"]For this new home collection 2010, the builders are requiring 3% as a deposit. But the home isn't completed for another 5-6 months. Is it possible to back out of the purchase and get your deposit back?

Could I do it if:

1. I lost my job
2. I changed my mind

I'm just curious what the rules are.[/quote]

Depends on each builder's policy...
Usually there is a "grace-period" allowed to back out without sacrificing the deposit, but not always.
It likely correlates directly with the seller's ability to replace you as a buyer. Easy replacement = Easy deposit release.

I would absolutely ask these questions before signing on the dotted lines.
I would absolutely get it in writing.

I think what IR2 said.. they said that if I lost my job they would definitely consider it, but for any other reason, probably not since they have to spend a lot time on paperwork. Plus, once u pick the options, it will probably be even harder to get out of it....