Legal Question in Real Estate Law in Minnesota

how to break a mortgage contract

I found out the house I was buying was in Forclosure was going to cancel contract due to leins on house by IRS but were removed today. Had contract in place since since February. Yesterday found out has flooded 2 times since inspection. No damage found during inspection. Only 1 sump pump back up in 2000 on disclosure. Suppose to close on Friday and now wondering what else may have been not told about. We still have a walk through on Thursday for them to pass before final closing. Required a few outlets to become workable, all windows operational and outdoor lights operational, small gas leak by water heater. I want to get out now because worrying what else he didn't tell about. Willing to pay to get out of it. Did all work have to been done by a certified professional (gas/electrical) that he must provide receipts for - not just that he did them himself? Looking for this as a possible way out of contract? I know I would lose earnest money but how much else can they sue me for if I broke the contract? Is there anything I can do? Help!!!!!!!!!!!


Asked on 4/11/06, 11:07 pm

2 Answers from Attorneys
Steven Vatndal Law Office of Steven J. Vatndal

Re: how to break a mortgage contract

You need to hire an experienced real estate lawyer TODAY to determine your rights and responsibilities. There are many posible actions: close, close in escrow, delay closing, cancel the purchase agreement, and others. It is impossible for any lawyer to make proper recommendations without detailed review of your situation and documents. I am certified as a real property law specialist by the Minnesota State Bar Association, and can be reached at [email protected].

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Answered on 4/12/06, 7:26 am
David Kelly-952-544-6356 Kelly Law Office

Re: how to break a mortgage contract

Mr. Vatndal's right. You have more here than anyone could properly cover in this type of forum. You could be on the right track with the idea that you are willing to pay to get out; but talk to someone like Vatndal or myself before making a move.

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Answered on 4/12/06, 11:25 am


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