How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31022
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Real Estate Law Question Here...
Roger is online now
A new question is answered every 9 seconds

My wife and I signed a contract to purchase a home on

Customer Question

My wife and I signed a contract to purchase a home on evening of March 17, 2016 and the seller excepted AM of March 18th, 2016. We have second thoughts and do we have any grace period to change our mine. ie. CA has 72 hrs on most contracts but I do not know if real estate is the same. We are now in MN and are buying in MN.
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Roger replied 8 months ago.

Hi - my name is ***** ***** I'll be glad to assist.

Under Minnesota law, there are a very limited number of contracts that have a rescission period by law.....and none of those include a real estate purchase contract. Here's a link to the MN Attorney General's Office that outlines what contracts have a statutory rescission allowance: http://www.ag.state.mn.us/consumer/publications/CoolingOffPeriod.asp

Expert:  Roger replied 8 months ago.

Thus, your right to cancel would be limited to whether the contract provides for a rescission period. If not, your ability to cancel would depend on what you can work out with the seller, if anything.

Expert:  Roger replied 8 months ago.

If you cannot reach an agreement with the seller, you can still cancel, but the cancellation could expose you to liability for the breach.

Expert:  Roger replied 8 months ago.

If you need anything further, please let me know. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thanks again!

Expert:  Roger replied 8 months ago.

If you need anything further, please let me know. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thanks again!

Related Real Estate Law Questions