Legal Question in Real Estate Law in Minnesota
breaking purchase agreements
A purchase agreement was signed for the sale of our house ( a duplex ), they are now saying because they would like to zone this as a triplex and they are legally able to do so that they want out of the agreement.They had a 5 day window to make a reasonable attempt obtain a mortgage, the cancellation was sent through on the sixth day.What legal recourse do we have - we have their 4,000 deposit.
1 Answer from Attorneys
Re: breaking purchase agreements
It depends on exactly what your purchase agreeement says, and I suggest you consult your own attorney.
In most such situations you have three choices:
1. Keep the earnest money and sign an agreement canceling the purchase agreement.
2. Sue for specific performance - an order saying the buyer must go through with the deal.
3. Sue for damages.
You may do any one of the three. For No. 2 you can't sell the place to someone else at the same time, and for No. 3 it may be difficult to do so because a potential buyer will worry about the rights of the original buyer.
In today's market where things are selling quickly, No. 1 may be the best choice.
Good luck.
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