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Can I back out of an escrow even though the I have already given them my deposit and cashiers check?

I wanted to purchase a house, I seen it when there was people living in it. It looked okay so I did an escrow and aid 2000+ and I have not signed the final papers that I will purchase the home yet. Just started an escrow, but, I recently went back to the home and noticed it is in really bad condition. can i still back out  of the escrow and purchase a different house?
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August 03 2013 - Bakersfield
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Answers (4)

You need to speak with your agent and possibly seek legal advice. The contract has time lines and contingency removal deadlines. I am not sure if you are within your contingency removal time frames and rights to back out without reviewing the entire contract.
If you are within your time frames of contingency rem,oval and have NOT done so yet than you should be able to back out and get your money back. 
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August 05 2013
When you say that you have not signed final papers- do you mean you have not signed a purchase contract or you have not closed? I assume you mean you have not closed.  Depending on the terms of your contract you may be able to back out but you may loose your earnest or escrow money.  Are you working with a Realtor?  If so, their job is to help you and I would ask their advice.
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August 03 2013
The terms of your contract will determine your right to cancel and receive a refund.  Most contracts specify time periods that allow you to inspect and examine important items in the closing process, it is called "due diligence".

You agent should be able to advise you whether you have the option to cancel and receive a refund.
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August 03 2013
Since a purchase agreement is a legal contract, you should contact an attorney to determine how you can best cancel the contract and protect your deposit. 
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August 03 2013
 
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