Parents are looking to sell their business. Couple weeks ago they signed the agreement to exchange earnest money with the potential buyer And thinking about a closing date on September 1.

Not two weeks later, parents are getting cold feet. What type of penalty would they pay for pulling out? I assume they have to pay at least all the fees and return the earnest money, Obviously. Would the buyer have any other recourse against them, or could they just pull out after paying those fees?