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Minnesota Residential Purchase Agreement

A Minnesota residential purchase agreement is a document used by a potential buyer to make an offer to the seller of a residential property. It includes the purchase price, closing date, financing options, and other terms. Once the buyer and the seller reach an agreement, the document is signed and becomes legally binding.
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State Laws

Seller Duties – Prior to signing a purchase agreement, the seller is required to make a written property disclosure “in good faith” to the prospective buyer. It must contain all material facts that the seller is aware of that could adversely impact the use of the property.[1]

Inspection – If the seller hires a qualified inspector to provide a written report about the property condition, the seller is not required to provide a separate property disclosure.[2]

Certain Disclosures Not Required  – The seller is not required to disclose information regarding the following:[3]

  • Whether the property was previously a site of a death, homicide, suicide or paranormal activity;
  • Whether a registered offender lives nearby (if a written notice about how to search for the predatory offender registry is provided in a timely manner);
  • Or whether the property is located near a nursing home or community-based residential facility.

Seller’s Disclosures (3)

Seller’s Property Disclosure Statement (required) – Known as “Real Property Form No. 15,” the seller of the property must give the buyer a written disclosure that lists any problems with the residence. The law states that the seller must make this written disclosure in “good faith.”

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Lead-Based Paint Disclosure (conditional) – If the residence was built prior to 1978, the seller must give the purchaser a written disclosure that describes their knowledge regarding the use of lead-based paint on the property (if any).[4]

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Lead-Based Paint Pamphlet (conditional) – Gives general information about lead-based paint for properties built before 1978.[5]

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Sample

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