Legal Question in Real Estate Law in Minnesota
Breaking a purchase agreement
I have signed a purchase agreement to buy a house however my boyfriend has now lost his job and I fell I can no longer afford and do not want to purchase this home, Now the realtor is calling me a work and I feel harrassing me into going threw with this. What and is there any ramifacations to me breaking this contract.
2 Answers from Attorneys
Re: Breaking a purchase agreement
Seller could seek (1) forfeiture of earnest money, (2) money damages (difference between what you agreed to pay and what the house actually sells for), or (3) specific performance (a court order requiring you to close on the purchase). Which remedy would be used here requires examiniation of the purchase agreement and review of the facts. Also, if you signed an agreement with the real estate agent, that person may have a claim for lost commission.
You need to retain a lawyer to assist you.
Re: Breaking a purchase agreement
I agree with Steven Vatndal's comment. Was the purchase agreement contingent on financing, by chance?
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