We are under contract on a house but have decided, for various reasons, to move on from this house. We have not reached the loan approval deadline and we are not satisfied with the conditions of our current loan. If we break this contract due to lack of funding prior to the loan approval deadline, would we be considered in default? Our contract with the buyers agent states the following “If any transaction fails to close as a result of the seller’s default, with no fault on the part of Buyer, the Success Fee will be waived. If any transaction fails to close as a result of Buyer’s default, in whole or in part, the Success Fee will not be waived; such fee is payable upon Buyer’s default, but not later than the date that the closing of the transaction was to have occurred.” We are concerned the buyers agent will attempt to retrieve the success fee from us if we terminate the purchase contract.