Legal Question in Real Estate Law in Minnesota

Sale of our property cancelled by buyer

We signed a non-contingent purchase agreement with a buyer for our property in 8-07. Closing to be 5-1-08. Yesterday he informed us he is $75,000 short & is cancelling the agreement. We have placed a contingent offer on a home & were planning to move. Do we have any legal options here? Thank you.


Asked on 3/07/08, 7:36 pm

2 Answers from Attorneys
Sam Calvert Calvert Law Office

Re: Sale of our property cancelled by buyer

Why the long delay between Aug 07 and May 08? Specific performance may be available; I would need to look at the purchase agreement. You need to get to a real estate lawyer in your area.

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Answered on 3/08/08, 10:43 pm
Joel Hilgendorf Hellmuth & Johnson, PLLC

Re: Sale of our property cancelled by buyer

Legal options in this type of situation can run from nothing, earnest money as liquidated damages, additional damages for the lost transaction, or a lawsuit to enforce the sale. Because the purchase agreement terms are often unique for every sale, you must have an attorney review your agreement and your circumstances to advise whether any of these options are available or advisable for you.

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Answered on 3/10/08, 9:42 am


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