Real Estate Law
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If a seller in MN cannot follow through with the closing of a house due to not having sufficient funds (due at closing), what can the buyer sue the seller for? The buyer was already packed, had moving trucks lined up, but did not move into the property on account of not being able to close. The seller is still trying to come up with the funds but is not sure they will be able to do so.
(This question has a high level of urgency- I had marked it medium, but didn't know how to edit it). Thanks!
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can..If a seller defaults on a purchase contract for real estate, then the buyer would have legal grounds to notify the seller that they are in default, get their earnest money back, and then sue the seller for any additional damages they have incurred due to the breach. Further the buyer can sue the seller for "specific performance" which is where the buyer files suit against the seller to get an order from the court for them to complete the sale. .With that said, if the seller can't come up with the money in the first place to clear the house for sale, suing them for specific performance probably wouldn't be useful if they don't have the money for the sale and it would typically be a long and expensive legal process..So the most common remedy is for the buyer to declare the contract in breach, terminate it, get their deposit back, and then sue the seller for any additional damages they have incurred...ThanksBarrister
Would "additional damages" include re-locking a loan rate?