Updated July 09, 2022
A Minnesota residential real estate purchase and sale agreement is a legal document used by a buyer to make an offer to purchase real estate from a willing seller. The agreement must include the amount that the buyer is offering, how it will be paid, and how long the offer is valid. State law demands that the purchaser is provided with a disclosure of any defects or deterrents that the residence has. This written statement must be given to potential buyers before any written agreement is made. If the buyer and seller both agree to the terms, they must both sign the contract to make the sale official.
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State BAR Version
Minnesota State BAR Version
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Required Disclosures
Lead-Based Paint Disclosure – 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).
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Seller’s Property Disclosure Statement (§ 513.55) – 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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Commercial Property
Commercial Purchase Agreement – Use as a legal contract for buying and selling commercial property.
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