Home Selling in 55407>Question Details

peter.mische, Home Seller in Minneapolis, MN

I closed on my house today. Is there a grace period for the buyer in Minneapolis?

Asked by peter.mische, Minneapolis, MN Wed Jul 17, 2013

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7
In Minnesota we do not hold escrow after closing like many other states. Unless your contract specified otherwise, you own the home the day of closing.
0 votes Thank Flag Link Wed Nov 27, 2013
NOT AFTER CLOSING.

DEAN GUPTA, CRS,SFR,MBA,BROKER
BONUS REALTY
763-537-8382
0 votes Thank Flag Link Sun Oct 27, 2013
Dean....no 3 day right of rescission? We don't escrow..is that because we don't have right of rescission?
Flag Sun Nov 17, 2013
Your Contract & Attorney should be aware of this...
0 votes Thank Flag Link Mon Jul 29, 2013
I believe you are referring to "possession"? If this is the case, I would refer to the purchase agreement which should have a time or number of hours. I always put "Immediately" after closing to add no ambiguity. As long as buyer does walk thru right before closing, this should work!
0 votes Thank Flag Link Mon Jul 29, 2013
There is no grace period as in the purchase of some other items. When you wrote and signed your purchase agreement, your agent must have put some contingencies like Inspection ( if you find some defect in the home, you could cancel the purchase of your home till the inspection is finalized time expired). In addition, you had the financing contingency also. It means that if you could not get the loan approved, then your purchase agreement is cancelled. In this case you may or may not loose the earnest money you deposited with the offer. You had lot of time to reconsider your purchase decision-- but not after closing. May be you can resell the home and make some money !!!!
0 votes Thank Flag Link Thu Jul 18, 2013
It is whatever stated in the contract.
0 votes Thank Flag Link Thu Jul 18, 2013
Hi, Peter!
Not sure what you mean by a "grace period". Are you talking about moving in to the property? Here in MN we do not have the held escrow process like they do in other states. Once you close, you officially own the property.

Or are you the seller and wondering if you can have a few more days to move out?? Not sure........

In any event, I'm sure your agent will have the answers you need, but tell us your circumstances and we will tell you what we know!! :)

Good luck~
0 votes Thank Flag Link Thu Jul 18, 2013
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