You can cancel a real estate contract without losing your deposit, but only under the right conditions. Whether you get your deposit back depends on when you cancel, why you cancel, and what protections your contract includes.
According to a January 2026 Redfin report, over 16 percent of home purchase agreements nationwide were canceled in December 2025, the highest rate on record. Many of those buyers had a legal path to walk away and keep their money. Others didn’t, and they paid for it.
If you’re buying or selling property in Lake County and want to know where you stand, our Libertyville, IL real estate lawyers can help you understand your options before a costly mistake happens.