Cancellation of Sale and Purchase Agreement- I'm a Buyer

[Account Closed]

As a wholesaler in Washington I am concerned about a Seller who may not fully disclose material defects that affect the value of the home. 

As a wholesaler we sign purchase and sale agreements before the inspection period. If I want to exercise my contingency to cancel the sale and purchase agreement with the Seller. Is there a certain form I would use to fulfill the statue of frauds?

What would the step-by-step process be? 

I certainly would not want to miss a step and get sued for "failure to preform". 

[Jay Hinrichs]

OK well this is a super simple question.

if you are within your due diligence period per contract  ( usually 10 business days) and you find something you don't like you do what @Brian Cohen mentioned and you fire back an inspection addendum.. if you wish to terminate you fire back a termination agreement.. they are standard forms on the MLS>.

If you do not have access to MLS forms.

simply type your own up and sign it..  title it termination agreement.

one simple line.. per due diligence I ( buyer) am terminating this contract per the EM agreement signed _______________   .. that's it.. give it to title company... they will require seller to sign as well to get your EM back.

Statue of FRAUDS  were on earth are digging this up??? @Christopher Brainard

in this scenario IE a wholesaler trying to slip contracts for SFR homes .. seller is not going to sue you for performance.. this would be so rare as to be something not to even think about.. unless your a multi millionaire and known to the community to have tons of dough maybe then.. but if your just like the rest of us out there in Real estate land no seller is going to sue you for performance.. they may not sign your cancellation agreement out of spite .. then you have to go to small claims over your EM