How to cancel contract

[Angel Jordan]

How do you cancel a wholesale purchase agreement contract in Maryland? Is there a particular way to cancel the contract without being sued? I am coming up on the end of my inspection period, and may need to cancel my contract if I cannot find a buyer by the end of the week.

[Charlie MacPherson]

@Angel Jordan  So let's see if I understand.  You put a seller's home under contract without the intent or ability to perform.

First, that's "fraud in the inducement".  They can and should sue you for it.

Second, if MD laws are anything like MA laws, marketing a property that you don't already own is a license-required activity.  In other words, you're most likely practicing unlicensed brokering.  That's just plain illegal.

Call that a "negative comment" if you want, but you're asking how to back out of a contract you committed to.  

Does that tell you anything?