Asked by Lin Qian, Minneapolis, MN • Fri Aug 23, 2013
I am in the process of buying a 5-plex. Due to numerous reasons, I wasn't able to close the loan by the initial closing date. I don't plan to cancel the deal and it looks like the seller does not plan to cancel either. However, I am concerned about the possibility of the seller cancelling the contract, in cases like he suddenly finds a 2nd buyer, or he changes his mind. Then I just found out that, according to MN statue 559.21, the seller would not be able to cancel the deal until at least 30 days after he serves me a termination/cancellation notice, if I default. So the state law would give me another 30 days, which I am sure I could get the loan complete.
My questions are:
1. Am I considered default or not? I am not able to get the loan completed in time, but I have a financial contigency.
2. Is it better to sign an extension agreement, or not. Seller now wants additional earnest money, and signing off financial contigency except for appraisal.
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