Texas Real Estate Contract Legal Question - Time Sensitive!

[Michael Malloy]

I have a lot riding on this so please only answer if you are fairly certain about your answer. No speculating... 

I had a contract assigned over to me by a wholesaler a few weeks ago. The financing took a bit longer than usual so the wholesaler agreed to extend the contract so I signed an extension with him last week. However, I just spoke with the wholesaler today and he told me that HIS contract with the seller had actually expired and he was still trying to get another one signed. So at the time that I'm authoring this post I'm still in the assignment contract even though there is not one currently active with the owner of the house.

So my question is, at this point could I walk away from this deal and get my full deposit back? What if the seller signs a new contract with the wholesaler...is my assignment contract retroactively re-activated or is that assignment contract only tied to the last expired seller's contract, which at this moment is null and void?

Sorry this is so wordy. I just wanted to be precise what I am talking about. I would like to walk from the deal at this point but not sure where I stand on recovering my deposit. I'd appreciate any help from someone that is familiar with real estate contractual law. Thanks!

[Wayne Brooks]

How do you agree to pay to take over a contract, without knowing what the contract says?  Assignment contracts don't have "expiration dates", they assign the original contract to you at that moment.  From then on, your are bound by the purchase contract with the owner, which you have apparently never seen.  Are you sure you signed an "assignment of contract" agreement, or did you sign a "purchase agreement" with the wholesaler (he would be double closing).