Get out of contract

UPDATED: Sep 30, 2022

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Get out of contract

We recently 3 days ago signed a contract to purchase a new home. No inspection has been made yet and we have yet to secure a mortgage. The seller gave us the alarm codes and told us we could visit the property at will. We went during a Friday evening and found that the neighborhood was not to our standards. People in the street actually verbally accosted my wife and her friend.
We cannot live in that sort of atmosphere. How can we get out of the contract and save our earnest money???

Asked on October 29, 2016 under Real Estate Law, Texas


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Unfortunately, your state does not have a "buyer's remorse" or rescission period during which you can get out of the deal without penalty. Once you sign the contact, you are locked in and obligated to it, unless and only if there is some contingency in the contract (like an inspection contingency) which will let you terminate the contract and get your money back, and you fully comply with that contingency. 
A bad neighborhood by itself is not reason to get out of a sale--you need some other contingency in the contract.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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