I put a 2nd offer on a piece of property, offer was accepted. Realtor has suggested that I offer Buyer #1 some money to cancel his Purcahse Agreemnt. Apparently Buyer #1 may have reasons to want to get out of his agreement, but is not sure. Closing date on the 1st offer is set for 7/1. Realtor has informed me of the 30 day cancellation law which basically says even if Buyer 1 doesn't close on 7/1, they can't force him to sign the cancellation for another 30 days- again suggesting that I consider offering $$ to him for his speedy cancellation. Is that legal?

BTW:This is a dual agency situation- 2 realtors, same company.

FYI,
Depending on the law in your state 2 agents being from the same office may not be Dual Agency.

Your offer cannot have been accepted by the sellers as they already have an accepted offer on their home. Your offer is simply a backup should the original offer not close. Did your agent tell you that the buyer has an additional 30 days past the closing date to decide if he really wants to buy the house?

Must be one of those MN things cause in most states failure to close on the agreed upon date cancels the contract unless both parties agree to the new closing date. The 30 day thing may have to deal with the earnest money which is not your concern.

Tell your agent to let the sellers agent know that your offer stands and if the other offer fails to close on 7/1 then you are ready to procede. Check with your agent to make sure that 30 day cancellation is what you think it is.