Get out of contract

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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

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 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.


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