Contracts
A Minnesota purchase agreement is executed on Monday. The seller has agreed to respond to the buyer's inspection request by Thursday at 5 PM. The seller's agent sends the response via email at 5:03 PM on Thursday. The response is:
ATimely since it is essentially on time
BLate, and the buyer may have the right to cancel since the deadline was missed✓ Correct
CAcceptable since email transmission has a 24-hour grace period
DValid since the contract only specifies calendar days, not time of day
Explanation
Real estate deadlines in Minnesota purchase agreements are typically strictly enforced, especially when 'time is of the essence' language is present. A response received after the specified deadline (even by 3 minutes) could be treated as a missed deadline, potentially giving the buyer the right to cancel and recover earnest money.
People Also Study
Related Minnesota Questions
- Under the Minnesota purchase agreement, earnest money is typically held by:Contracts
- What is the legal effect of 'time is of the essence' in a Minnesota purchase agreement?Contracts
- A Minnesota purchase agreement states the buyer will pay $320,000 with $15,000 earnest money. The buyer backs out without a valid contingency. What typically happens to the earnest money?Contracts
- A Minnesota purchase agreement contains an inspection contingency with a 10-day period. On day 8, the buyer requests repairs. The seller has how long to respond under a standard Minnesota purchase agreement?Contracts
- A Minnesota licensee must present a purchase offer to the seller even if:Agency
- Under Minnesota law, a broker is required to deposit earnest money into a trust account within:Minnesota License Law
- In Minnesota, a 'holdover tenant' who remains in the rental unit after the lease expires without the landlord's agreement is treated as:Property Management
- A Minnesota seller who accepts a purchase money mortgage (seller financing) becomes the:Finance
Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
Study This Topic
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →