Outside a condition, backing out risks the deposit and possible legal exposure. The standard Saskatchewan REALTORS Association form holds the buyer's deposit in trust with the brokerage, and if the buyer walks without a contractual basis, the seller can pursue the deposit and, in some cases, damages through their lawyer, whose fees for that work typically run $800 to $1,500.
A mutual release is the clean exit when both sides agree to unwind the deal. Rather than forcing a dispute, the buyer's and seller's lawyers draft a release, the deposit is returned or divided by agreement, and both parties move on without the matter going further.
Every condition needs a real deadline and real follow-through, not a formality. Get your hand-reviewed valuation from Joel Dyck.