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.

Updated October 17, 2024

Required Disclosures (2)

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 – 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.”^[1]

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Sources

§ 513.55