A. You have to agree to the rules and regulations (CC&R's) if there are rules you can not live with that would be grounds for termination of a contact. This has to be done in writing within 5 days of receiving and review the CC&R's.
B. During your due diligence period you have a certain time frame where you do not even need an excuse to cancel.
C. Major issues arise on your inspection report and you notify the seller.
D. You can no longer qualify for the loan.
I wish you luck
Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
This question is best answered by an attorney, after they review your written agreement. A GENERAL answer is to submit an immediate cancellation in writing to the seller and escrow company if applicable. If the buyer is in their due diligence period or there is another clause that allows for cancellation, there will not be a penalty. However, if the buyer is outside the cancellation period, the buyer will typically lose their earnest money deposit.
Wardley Real Estate
First, you have a set due diligence period, where you can pull out from the transaction for any or no reason, and this is commonly 7 to 14 days from ratified contract.
Second, if there is an HOA / CIC, after you receive the CIC Resale Package, you have 5 days to review and accept the governing documents, rules, and regulations, or rescind the purchase contract.
Lastly, if the appraisal (if applicable)