On April 1st 15..00pm we as the buyer signed a contract and paid a 3000$ deposit. In the morning of April 2nd I realized that my wive was not as happy as usual and I drilled with my questions down to the bottom of the source. I realized that I might have pushed her to much to sign the contract and I informed my Realtor, that he should speak with my wife to find out if my toughts are rigth. Instead, he purswaded her to stay with the house I found out after I called my wive. She broke in tears and I knew at this moment that I made a mistake which I have to correct. At 15.00pm I decided then to give my realtor notice that I will step out definitively out of the contract.
Now the question is: do I lose all the 3000$ or only part of it? Is there any way the seller can sue me and get right? Is there a 3 days rigth of decision?
The clause of the contract states:
S. Failure of performance: If Buyer fails to perform this contract within the time specified, including payment of all deposits, the deposits paid by buyer and deposits agreed to be paid, ma be recovered and retained by and for the account of seller as agreed upon liquidated damages, consideration for the execution of this contract and in full settlement of any claims; whereupon, Buyer and Seller shall be relieved of all obligations under this contract; or Seller at Sellers option may proceed in equity to enforce Sellers rigth under this Contract. | 
04-05-2001, 10:16 PM
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