Anyone familiar with real estate law ?

the primary control over the contract are the financing terms. read it thoroughly, it will tell you your rights, as your agent should have explained to you.In every state I know of, it takes two people to Initiate a contract, and two people to cancel a contract.
Your lender can either deny your loan and cancel the deal, or transfer it to another lender at your request. If you did that, the seller has no choice but to wait for you to request another appraisal.this scenario is why the seller would be wise to cancel the deal now,,,,The dates on a contract are approximate in every state.