Find a Canadian lawyer or US attorney who can set up a LLC or Corporation for you based on your personal/business plan and goals (the state in which you form your business actually makes a difference - your US accountant will tell you why).

That's the way I did it. 1 year leases with CPA's, lawyers, insurance folks, stock brokers, realtors and the like.

At this point I would engage a lawyer.  

Always make sure your contracts are assignable for tax purposes (we use a form paragraph added to the contract, consult a lawyer for appropriate language), build in a study period and have contingencies laid out for release of documents and financial records of the property. 

The funny thing is the tenant is a lawyer. 

Real estate lawyers as well, but I won't cast a long shadow on an entire segment of the industry.

But I would definitely read up on Newark law, if we're still speaking about Newark, and speak to a lawyer.

I saw one lawyer advertise reigstered agent services for $95 per year.

You can just write a letter that says pursuant to section ___ of the contract of sale, I hereby terminate.... it doesn't have to be formal, just make sure that if there are notice requirements (like fedex or certified or a copy to a lawyer) that you follow those.

What are the average lawyer fees to draft up the documents?