Buyer wants out

[pangea]

I signed a contract for buying a house and after one business day decided to cancel it. My attorney sent a cancellation letter but the seller has threatened to sue me for breach of contract and damages ( holding costs and any difference in new selling price of property) + lawyers fees. I have not yet payed the escrow amount.
What chance do I stand?

[Thesa]

your attorney can answer that best...

Here are the standard loop holes in Oregon however,

You have a number of business days to approve or disapprove the preliminary title report.

You are entitlted to a home inspection period - if your contract specified one... and you can disapprove that report.

You are to be given a property disclosure - which you have 5 business days to approve or disapprove.

You and the property must qualify for the loan

there are others depending on how the contract was written - that is where your answers will be.. that and your attorney.