Cancelling a Purchase Agreement or Contract for Deed
Monday, January 3, 2011 at 8:14PM 4.25.10
By: Stephen J. Nash
Nash Law Firm
nash@nash-law.com
If you need to or chose to cancel a purchase agreement there is a formal process that must be followed to be effective. Simply delivering a voluntary cancellation to the other party is not effective.
There are a number of ways to cancel a purchase agreement:
1. A 30 day cancellation.
2. A 15 day cancellation - two different types.
We can go through the consequences of each so that you can better decide which process best services your interests. We can also help you and/or your real estate agent so that you can immediately start marketing the property even though the first purchase agreement has not yet been cancelled. You can start the process by completing the form below and sending it in or you can contact us at 763.862.6100 or by e-mail at nash@nash-law.com.
Contracts for Deed can be cancelled a number of ways:
1. With a formal 30 day statutory cancellation. This is a non-judicial procedure; however, the process is precise and will not hold up if not closely followed. They buyer has to either cure the default or bring a lawsuit and obtain a Temporary Restraining Order stopping the completion of the cancellation in order to stop the cancellation
2. Can be cancelled by a court action (a lawsuit). This is expensive and is not necessary except for in limited situations.
If you are looking to cancel a contract for deed or are facing a cancellation, you can fill out the form below and send it to us or you can contact one of our attorneys at 763-862-6100 or can e-mail us at nash@nash-law.com.
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NOTICE The foregoing is not intended to constitute legal advice for any specific circumstance, but is intended to reflect broadly applicable principles, under Minnesota law, relevant to a typical situation. Each set of facts and each contract are, or can be unique; the unique facts and specific language of the contract may require a different legal analysis and may result in a different outcome. Before proceeding in reliance upon this or any other general description of law, consult with an attorney competent in the field of practice relevant to your situation. Copyright 2010 Nash Law |