Legal Question in Real Estate Law in Minnesota

Opt Out

I recently put up an offer for a property. I put $5,000 downpayment, and everything went through. Then at the last minute before closing the deal, I decided that I don't want it anymore. Do any of the persons involve in the deal have the right to sue me. For example, like the realtor or the loan company, etc? I've been threaten by the realtor that if I opt out now, I would be faced with legal problems like potential lawsuit. Is it true? can they sue me or is it just a dirty trick by the realtor? What are my options?


Asked on 5/10/06, 3:42 pm

1 Answer from Attorneys
Steven Vatndal Law Office of Steven J. Vatndal

Re: Opt Out

You certainly can be sued by the sellers for breach of contract (the purchase agreement). Whether you can be sued by the real estate broker is a trickier question, and depends in part on what you have signed. The only way to determine the extent of your liability and make an informed choice of your option is to hire a lawyer. This should be done before the scheduled closing.

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Answered on 5/10/06, 4:58 pm


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