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Minnesota’S New Residential Purchase Agreement Cancellation Statute, Larry M. Wertheim

William Mitchell Law Review

For the first time in almost twenty years, the Minnesota legislature has altered the statutory procedures for canceling residential purchase agreements. The 2004 legislature instituted two new procedures for cancellation of residential purchase agreements, both of which will significantly change current practices. … The new legislation for cancellation of residential purchase agreements represents an effort to provide an expedited method of allowing sellers and buyers to resolve standoffs between the parties with the broker in the middle holding the earnest money. It has the advantages over section 559.21 of speed, a remedy for the buyer, and a means of confirming …