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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38202
Experience:  17 years real estate, Realtor. Landlord 26 years
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We have a question about cancelling a purchase agreement for

Customer Question

We have a question about cancelling a purchase agreement for a real estate (home). We advised the sellers agent
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: MINNESOTA
JA: Has anything been filed or reported?
Customer: Filed or reported?
JA: Anything else you want the lawyer to know before I connect you?
Customer: We put down earnest money. We assume the seller keeps that. Is there any other concerns?
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

Expert:  Barrister replied 2 months ago.

I think some of your comments might have gotten cut off as I just see a comment about a purchase agreement for a house and then you said something to the Seller's agent..

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If you can post your question and some of the details about what is going it, I should be able to help.

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thanks

Barrister

Customer: replied 2 months ago.
Hi, this is FSBO who has an agent handling the transaction for a fee not a commission. We had previously cancelled under a contingency plans
Expert:  Barrister replied 2 months ago.

Ok, did you have an inspection or financing contingency that you exercised and terminated the contract under?

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Or did you just break the contract and back out of the purchase?

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Is the seller refusing to refund your deposit money?

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I am still not sure exactly what your legal question is..

Customer: replied 2 months ago.
Sellers agent contacted after we cancelled the first time and said seller agreed to our contingency request. We agreed to resigned, signed, and then quickly changed our mind ( less than an hour). Notified agent within that hour. He mentioned breach of contract but now we haven't heard anything more. Planning to ca
Customer: replied 2 months ago.
Planning to call agent but want to know what to or not to say
Expert:  Barrister replied 2 months ago.

Ok, have to step away for about 10 minutes, but will be right back

Customer: replied 2 months ago.
We just want to cancel the contract.
Customer: replied 2 months ago.
House has not been on the open market. Agent said seller intended to put on open market if we chose not to buy.
Expert:  Barrister replied 2 months ago.

Ok, sorry for the delay..

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If you re-signed the contract, then you are stuck legally to it. But it depends on what the contract actually says can happen in the event of a breach by buyer as to what the seller's options are.

Expert:  Barrister replied 2 months ago.

Normally the seller has basically two options... sue you for breach of contract, which ties up the house for year and costs thousands in attorney fees.. or they can just retain any deposit and release you from the contract.

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In probably 98% of these situations, the seller just keeps the deposit and then moves on to another buyer..

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As an aside, in addition to being an attorney, I have also been a licensed Realtor for over 15 years...

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thanks

Barrister

Customer: replied 2 months ago.
Thank you
Expert:  Barrister replied 2 months ago.

You are very welcome. Happy to help any time.

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It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the caption and the JustAnswer employees will get it to me.

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If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

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Thanks much

Barrister

Expert:  Barrister replied 2 months ago.

Hello again,

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I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

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Thanks much

Barrister