US Legal Forms
Legal Resources
Questions & Answers
Real Property
Can a buyer pursue claims after an as-is property sale?

Can a buyer pursue claims after an as-is property sale?

Q: Can a buyer pull out after signing contracts?

In most cases, a buyer cannot pull out after signing contracts without facing potential legal consequences. If the buyer wishes to withdraw, they may need to provide a valid reason, such as a contingency that was not met. Otherwise, they may be liable for damages or could lose their earnest money deposit.

Q: Can a buyer change their mind after signing a contract?

Generally, a buyer cannot change their mind after signing a contract without facing potential legal repercussions. Once the contract is signed, both parties are bound to its terms. However, if there are specific contingencies outlined in the contract, the buyer may have the option to back out under those conditions.

Q: Can a buyer back out after signing closing papers?

Once a buyer has signed closing papers, it is typically very difficult to back out of the transaction. At this stage, the buyer has legally completed the purchase, and withdrawing may result in financial penalties or loss of the deposit. If there are concerns, it's advisable to consult with a legal professional.

Q: Can you back out after signing a contract?

Backing out after signing a contract is generally not permitted unless there are specific contingencies or legal grounds to do so. If a party wishes to withdraw, they must review the contract terms and may need to negotiate with the other party to avoid legal consequences.

Full question:

I sold my property "as is" and the buyer signed all agreements. Can the buyer come back now at me for all the problems she now has a year and a half later?

Category: Real Property
Subcategory: Seller's Disclosures
Date: 04/07/2025
State: Minnesota

Answer:

Generally, in an as-is sale, a buyer cannot seek recourse against the seller for issues that arise after the sale, provided there was no fraud or misrepresentation by the seller. This means that if the buyer signed all agreements and was aware of the property's condition, they typically cannot hold the seller responsible for problems that develop later.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Is a signed purchase agreement legally binding?

Yes, a signed purchase agreement is generally considered legally binding. Once both parties sign the agreement, they are obligated to follow its terms. This means that the buyer must proceed with the purchase, and the seller must sell the property as agreed. However, certain conditions, such as fraud or misrepresentation, may affect the enforceability of the agreement.