We recently enter into a contract to purchase a newly constructed home within North Carolina that has be on the market for over a year. We give $5000 as earnest money with our submission to purchase. During the next month, alot of issues arrised near the developer in the subdivision where on earth the home was built. The builder have no relation to the developer. We backed out of the contract due to the issues we encourntered. Is the seller(builder) competent to sue us for anything beyond the $5000 earnest money that we know we will have to forfeit?

Is is easier said than done to

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a Quick converse to a lawyer won't cost much, and could accumulate you a lot of trouble.

I'm buying a property, which is immediately

Yes, beside the deposit, the builder could sue your for spare damages.

For example. You contract to buy the house at 200000 and it actually sell for 170000. The builder could sue you for the difference of 30k.

However in this grip, I'm guessing that they will settle for the 5k

Where surrounded by the US should I

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Usually the earnest money is all you will loose.

Why is it call an "earnest" deposit?

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Answers:    It depends on what the issues are that you encounter and if you have a lawful reason to fund out of the contract. The builder does have a relationship next to the developer in come what may. Your earnest money is not automatically forfeited and if you can give more information on the issues consequently someone here might be able to follow up beside a good answer for you.

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Yes, you can be sued for specific performance and costs incurred by the builder due to your ruling to back out. You don't indicate what the issues be, so it's not possible to distribute information as to whether or not those issues might be a valid reason for you to rear out. Assuming they are NOT valid reasons, you might powerfully find yourself facing a lawsuit.

I signed home loan docs on

You call for reread your contract again.The language for builder's dead loss to complete is in in that and refundable deposit agreement.

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