Only your accountant can tell you this, because your whole return will dictate how some things are handled.

Putting aside the issues with the agent's behavior for a moment and looking solely at the contract: Tues 3/27 you signed a Purchase Agreement that dictated you had 48 hours or until EOD two days from singing to submitted an EM check. 

I would then allow the Education Secretary to dictate specific degree programs that qualify for federal student loans.

@Randy Day The land is an asset of her grandpa and the proceeds  of the sale will have to go to the heirs as dictated by a will or by how the state divides it if no will(Probate).

These will dictate if you must give 30 days notice, 45 days notice, 60 days notice, etc.

Your price will dictate where you can buy.

Did the city dictate how you spent the money?

Has the property been owned for one year of more which will dictate what value must be used?

For example, in many areas, a purchase contract dictates that the seller will pay for a title examination or search and the buyer will pay costs of title inusrance.

In my area common deals are house with an ARV of about $65k-$100k wholesale deals generally sell at about $25k-$40k in my area foreclosure and HUD are huge dictators of housing prices.