What is the name of your state? minnesota
We are selling a few lots and accepted lot reservations last fall. The person in question signed a lot reservation and put $1000 down . The reservation stated that it was valid for 60 days after the fainal plat was approved. Plat was approved on Feb 15. As of Apr. 16, we had not heard from them. We had informed our agent in Feb. that we would cancel and relist any lots that did not sign a purchase agreement when the reservation expired. On Apr. 23 we recived a PA from the reservation holder. We rejected it and they are now sueing us for the lot. They say that since we did not inform them in writing that the plat had been approved that the reservation is still valid. The plat was approved by the county and recorded publicly. All the other reservations came in on time except this one. Our agent says he told their agent of the deadline.
Are we right?
We are selling a few lots and accepted lot reservations last fall. The person in question signed a lot reservation and put $1000 down . The reservation stated that it was valid for 60 days after the fainal plat was approved. Plat was approved on Feb 15. As of Apr. 16, we had not heard from them. We had informed our agent in Feb. that we would cancel and relist any lots that did not sign a purchase agreement when the reservation expired. On Apr. 23 we recived a PA from the reservation holder. We rejected it and they are now sueing us for the lot. They say that since we did not inform them in writing that the plat had been approved that the reservation is still valid. The plat was approved by the county and recorded publicly. All the other reservations came in on time except this one. Our agent says he told their agent of the deadline.
Are we right?