Can I back out of my contract?

[Chris Soignier]

On Thursday, I executed a contract for the sale of my rehab using a standard TREC 1-4 unit purchase agreement.   They had it inspected the next day, and relayed some concerns about the roof and plumbing, which is a segue to a repair amendment that's going to cost more money.   The contract calls for escrow to be submitted pretty much w/ the contract (it's a little vague) and for option money to be submitted within 3 days, which is today.     

Yesterday, I received an offer which is worth about $10K more and is cleaner.   I'd prefer to take this contract, but I want to do the right thing and be ethical.    Do I have a legal right to cancel the contract based on now getting escrow $$$ yet?    I believe there will be no option if not received today.

[Chris Soignier]

@Bryan O., the TREC contract specifies, "Upon execution of this contract by all parties, Buyer shall deposit $x,xxx as earnest money with _______________ (as escrow agent)....If Buyer fails to deposit the earnest money as required by this contract, Buyer will be in default.

Today is 4 days following execution, and neither the earnest nor option money has been received.   Option money is due 3 days from execution, so there technically is no option on the contract. (though I realize there are other ways to weasel out of a contract prior to closing).    The agent was in Vegas this weekend, but to the best of my knowledge that doesn't provide for an adjustment to any deadlines.   ;)

Meanwhile, the other offer is being submitted as a backup, and to strengthen it they're changing the repair language to "as-is, where-is, with no seller repairs".