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Getting cold feet....Can I still back out?

First time home buyer (Illinois) - Signed the executed real estate contract (both parties) on Wednesday 11/25. Haven't put down any earnest money yet. Closing is scheduled for Beginning of January.

Starting to get cold feet - Am I still able to back out of this thing? If so, how long do I have? Any penalties?

Having a mini-panic attack - Can someone please tell me I can take a deep breath?

​

Thanks

submitted by /u/YoungstownBurgh
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source https://www.reddit.com/r/RealEstate/comments/k31srd/getting_cold_feetcan_i_still_back_out/
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