I would talk with your agent about your options and if you are still eligible to terminate without penalty. They will have a much better idea of what your contract states, how far you are in the process, what steps have to be taken, etc.
Best of luck!
Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM RealtorsÂ® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
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Thank you and always be careful: it's jungle out there.....:o) Just kidding.
It does not require a "structural problem" in order for you to walk away. It could be that you decided you saw something else you liked better, you don't like the color of the carpet in the bedroom, or any other reason you determine.
IT MUST BE A FORMAL CANCELLATION. You cannot just say you changed your mind. Ask your agent for a Cancellation and Release. The Cancellation and Release must be signed by both parties to the contract and submitted within the proper time frame.
You should also have an addendum stating that if there is no approval from the bank within a certain number of days, you have the right to file for cancellation of the contract. Once again, the cancellation must be in writing.
Wishing you the best. If I can be of further service please contact me directly.