Do you have an agent who is rpresenting you or an attorney????, if you ; they will have the answer, because they now what tipe of contingency you have. There are many reasons the contract can be cancelled, if you are into the option period you will tell everybody before it finish that you are cancelling the contract, you only will loose your option period money, if your contingency is about financing and you cannot get a loan your mortgage broker or your bank have to submit a form informing why you were not be able to get the loan, I wish I can give you more ideas, but without knowing the contract and your reasons to cancell the contract it is very hard to tell. Good Luck,
Victoria Pando, 512-696-3015- vickypando@gmail.com.

If you are in the option period you have the right to terminate as long as you do it timely and notify all parties, there is a form to submit to seller and to title company to address the earnerst money. Timing is critical and the contract will specify on default. What is your specific contingency? This can be a very stressful situation for you and your earnest money could be at risk. If you do not have a realtor consult with legal mediation.

As others have said, it all depends on your contract. But in general terms, if a contingency is not met or waived, the contract can be terminated....just depends on what the "contingency" references. Is it contingent upon the sale of another property? Is it contingent upon financing? Is it contingent upon receiving an acceptable survey, title commitment, etc?

Guy E. Gimenez
Broker / Investor
The PowerHouse Group
512-731-5613
guy@phgbrokers.com

Care,
The answer lies within the pages of your contract. What does your agent say?

The contract in Texas has several places where, as your agent, I would write in "opt out" conditions which would protect your eanest money. This highlights the importance of having a BUYERS AGENT represent you at little or no cost to you.

I run into people quite frequently that want to work with the "SELLERS AGENT" directly thinking they'll get a "better deal." In Texas, the "sellers agent" negotiates the commission for the sale of the home of which REALTORS have a collective agreement to share. The "sellers agent" is under no obligation to reduce that negotiated comission if no "BUYERS AGENT" is engaged. On site "BUILDER REPS" like to make it appear as though they will 'HELP" you the buyer get the best deal possible. Again, their loyality is with the builder / developer not you.

I would be glad to , if you are not represented by a broker/agent, review your specific contract with you.

Bill Austin ~ 512-709-6343 ~ basutin.realtor@gmail.com

If you are in your option period you can just opt out. If you are under an official contract you can always give up your earnest money and walk away. It depends on how the contract and contingency option are written. There are many variations. You can always tell the sellers you do not want to purchase the house anymore and come to some agreement. Remember that the offer is based on selling the other home. You can take it off the market and if you do not sale it you are out. There is also usually a time table on a contingency offer as well. The market in Austin is not bad enough that the sellers may not care if the property goes fully active versus active contingent. Each situation is different and depends on the way the contract is written.