Process of cancellation of agreement of purchase

I made an agreement to purchase a property before 2 days, now I want to cancel it, what should I do sir, please help me. Here is the statements of agreement : No one else except the first has got any claim, title and interest therein and the first party has got full power to transfer the same. AND WHEREAS the first party has agreed to sell and the second party has agreed to purchase the ------ property for the sum of ------ , out of which the first party has received a sum of -----------, from the second party, being the earnest money and part payment of sale proceeds, and the receipt of which the first party hereby acknowledges, through separate receipt. That upto ------(Date) from date of execution of this agreement of this agreement to sell, after reciept of the balance amount, the first party shall execute the sale deed and to have the same registered in favour of the second party on receipt of balance a sum of ---------, before the sub-Registrar. That the first party assures the second party, that the said property is the absolutely free from all kinds of encumbrances, such as sale, mortgage, gift, litigation, dispute, attachment in the decree of any court etc, and if it is proved otherwise, then the first party and his property both moveable and immoveable will indemnify the second party to the extent of loss thus sustained by the second party in this connection. That in case the first party backs out from the said transaction, then the second party is fully entitled to get the said transaction enforced through court of law by specific performance of suit at the risk and cost of the first party. That in case the second paty backs out from the said transaction , then his earnest money shall stand forfeited in favour of the first party.