The one item I'll add: your lender's funder (assuming you're loan is still moving forward) will contact your current employer and verify you still work there the day of funding....if the answer is 'no', then your loan won't fund until they can find a 'yes' response...your loan would go into 'suspense' mode, until new employment is verified....
Hopefully you did the right thing and informed your lender and agent about this job change in a timely basis, and aren't using this as an excuse to back out of your contract!
best of luck, Jeff
I am assuming that you have already removed all contingencies and signed the loan docs,and other escrow documents, est HUD etc.
I agree with the others, you will need an attorney at this point. I would suggest you to pose your question with more details at http://www.lawguru.com, you can get some free advice from a lawyer there.
At the end you may conclude that the cost of this breach of contract may exceed the cost of commuting to your new job. At any rate, this is a business decision that you have to make.
Some of the agents that answered earlier thought that you meant you signed the final papers at close of escrow.
What about the loan? Did you have a loan contingency. Is your new lender going to fund your loan when they find out that you don't have the job that you had when you qualified? and that you are now at long distance commute. And just how far is a little far? 50 miles? a hundred miles. Lots of people commute, although I agree it seems nuts with $4 gas to purposely buy a house at a really long distance from work.
If this all happened the day before it was supposed to close escrow, you might have to give up the earnest money if canceling. If the house is already in your name, then you own it, and there is no giving it back to the seller.
The preceding is pure opinion of course. As I said, there is not enough information from Buyer to give informed advice. Even if there were, it is best handled by the agents who are already working the transaction, not us sideliners.
Talk to your agent and a real estate attorney - since they can review the docs they would be in better position to advise you.
Lance King/Owner-Managing Broker
You need to tell your agent asap that you are no longer interested in moving forward. If you have already signed closing docs you may only be days away from closing escrow. As the other agents have stated, review your contract with a real estate attorney.
Keisha Mathews, REALTORÂ®
CDPEÂ®, HAFAÂ®, HRCÂ®
Century 21 Landmark Network
Title companies are closed today, as it's a holiday, I suspect. But if you have a legitimate reason to cancel this contract, I would contact an attorney, as well as your realtor. You would, of course, be expected to surrender your earnest money deposit as liquidated damages if your contract is standard to CA law. The bigger question is why this came up so late in the transaction. When you speak to an attorney, please make sure and take the whole contract, including if you signed documents such as required in a short sale that commits you not to sell the property within 90 days of purchase. All of these factors would need to be discussed with the attorney, not just the base residential purchase agreement.