Minnesota | Real Estate Law
Legal Question
how to break a mortgage contract
I found out the house I was buying was in Forclosure was going to cancel contract due to leins on house by IRS but were removed today. Had contract in place since since February. Yesterday found out has flooded 2 times since inspection. No damage found during inspection. Only 1 sump pump back up in 2000 on disclosure. Suppose to close on Friday and now wondering what else may have been not told about. We still have a walk through on Thursday for them to pass before final closing. Required a few outlets to become workable, all windows operational and outdoor lights operational, small gas leak by water heater. I want to get out now because worrying what else he didn't tell about. Willing to pay to get out of it. Did all work have to been done by a certified professional (gas/electrical) that he must provide receipts for - not just that he did them himself? Looking for this as a possible way out of contract? I know I would lose earnest money but how much else can they sue me for if I broke the contract? Is there anything I can do? Help!!!!!!!!!!!
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