Getting out of contract

[pangea]

I signed a contract for purchase of a house and on the next business day decided to cancel it. The attorney sent the cancellation letter to the seller( who is himself a real estate attorney ) but he threatened to sue me for breach of contract and damages amongst other things.
What chance do I stand?

 

[bryan]

Depends on the contract. Hard to say without seeing it. Is there an option period? What reasons does it allow for the buyer to cancel the contract? It should all be pretty clearly specified in there.