Q: cancelling the buying contract to buy a property
Hello, I was in the process of buying a home in Dallas, TX. Currently I am working remotely from New Jersey and got home Mortgage approval on the basis of Remote work. Today I lost my project and came on Bench, It is not sure that my next project will be remote or onsite in New Jersey. I want to cancel buying the home in TX. Is that a valid reason to cancel buying the home in TX?
The "validity" of your reason for cancelling is probably irrelevant. You likely can cancel the contract, but you will forfeit your earnest money. That's literally what earnest money is for.
The Seller will then relist the property or move forward with any back-up contract they may have signed. In the current market, it is likely that they will be able to sell it quickly to another buyer at the same price you were willing to pay.
Obviously, the language of your contract could change this answer, so read it carefully. Also, carefully read any agreement you may have signed with a realtor, if you used one. It may require some compensation to your realtor if you cancel a signed contract to purchase a property.
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