Backing out of inspection contingency - prior to inspector coming

[Evan Stamps]

Would appreciate some quick help here - I'm under contract and wondering if I can back out during my inspection period prior to even having the licensed inspector come? My contractor walked the property with me yesterday and we found obvious costly issues that make the home a bad buy and the current tenant gave us insight on big issues with the property. I would prefer not to pay for a professional inspection knowing I will back out anyways. The house is in CT, I know a lawyer is the best answer but any general answer here would help out. Thanks!