Legal Question in Real Estate Law in Minnesota

Buyer's Rights--Closing Date Postponements in Residential Real Estate Purchase

A buyer's rights pertaining to the closing date depend totally upon those spelled out in his or her purchase contract. You should have an attorney review that document in order to get any advice on your rights. Typically, "time is of the essence" as to date of closing, meaning that the buyer has the right to back out of the transition and get earnest money back if the seller cannot close on time. I have rarely seen any obligation for a seller to pay for a buyer's housing pending closing. If the situation is unacceptable, your daughter should back out of the deal and look elsewhere for a home. Since the market is soft at this moment in time, qualified buyers now often have a rather large advantage over sellers in price negotiations. Another option for your daughter might be to rent the property pending closing, although that could mean moving out if the closing never occurs. Your daughter desperately needs legal representation in this scenario (as to all real estate buyers who are not real estate experts). If your daughter purchased the property at the foreclosure sheriff�s sale, she should expect long delays, since the original owner may have rights of redemption, even after the sale has occurred, up until confirmation. Up until confirmation, the succesful bidder at a sheriff's sale's rights are limited.