My husband and I signed a purchase contract on a condo, but now have decided against purchasing this condo...how do we get out of this?

This should be controlled by your contract.  Read the part about Buyer's Breach (is should be titled something like that if you used a contract form supplied by a realtor or attorney).  Sometimes the agreement will provide that the Buyer's liability is limited to the amount of their earnest money deposit, other times it does not.  Sometimes it is more expansive than that and provides specifically that your liability for your failure to close is not limited to your deposit.  The real question is "why don't you want to buy it now?"  Is it because you simply changed your mind?  Is there something that came out in an inspection report that under your contract the seller needs to fix and hasn't?  Did you have any contingencies, like a financing contingency or a contingency on the sale of your house that hasn't been fulfilled?  All of these may have different answers regarding your responsibility to close. Having said all of that, assuming that you just changed your minds, the question becomes, "What does the seller want to do?"  If the property is desirable and might sell fast, they might be willing to let you out (although you/they might still have liability to the real estate broker as they likely have earned the right to their commission and your breach doesn't absolve the seller of liability if the seller lets you out--that could be part of their damages.  You have to read the listing agreement).  If they just want to get it back on the market ASAP they may be willing to make a negotiated settlement (include the broker in this to avoid liability for the full amount to them) which may be any number, any or all of your deposit, possibly more.  If the parties agree, they can do just about anything.  If they don't you may all be going to court.  My suggestion is that you get a real estate attorney involved right away.  The money that you spend on good counsel now could save you thousands in the long run.