So no it has nothing to do with being close to the closing date and no it does not have to be up to code on the electrical side. If you don't have a realtor and would like me to analyze the deal for you just contact me directly through Trulia.
Otherwise, as most others will say on here it is a very NORMAL emotion to have buyers remorse the first time. Usually always happens around the inspection contingency. Just stay focused on why you decided to purchase the property in the first place
You pose some good questions and the answers can be complicated. Before answering your questions, I would say that itâ€™s very natural to have â€œbuyerâ€™s remorseâ€ especially about such a large investment. Unless you did something that you know you shouldnâ€™t have, I would take a look back and see what you wanted to buy the house in the first place and see if that reason has changed.
As always, itâ€™s best to consult a real estate attorney for specific advice. Generally speaking however, a person in your situation could cancel an agreement but they would be in default of the contract and would most likely lose their earnest money.
They could also be sued for â€œspecific performanceâ€ where the seller (and courts) would basically make them buy the house as they agreed to.
Brooklyn Park does require an inspection by the city checking for hazards and code requirements. As long as everything meets those inspection requirements or the buyer agrees to fix anything to meet the requirements, the house can be sold.
I recommend that you consult with a real estate attorney if youâ€™re serious about backing out of the contract.