Minnesota Laws
Requirement to Record: An option is not legally required to be recorded. However, recording preserves the optioner’s legal priority.[1]
Expiration: Recorded options more than 40 years old are not actionable.[2]
Maximum Term: State law does not set a maximum term for a residential lease with an option to purchase.
No Duration: An option without a specified duration will expire at the end of the lease.
Signing Requirements: Must be in writing and signed by the seller.[3]
Required Disclosures (9)
1. Covenant of Landlord and Tenant Not to Allow Unlawful Activities – The following must be mentioned in a lease:[4]
Both the Landlord and Tenant agree that neither shall commit any of the following acts on the Property:
1.) Allow controlled substances in those premises or in the common area and curtilage of the premises in violation of any criminal provision of chapter 152;
2.) Allow prostitution or prostitution-related activity as defined in section 617.80, subdivision 4, to occur on the premises or in the common area and curtilage of the premises;
3.) Allow the unlawful use or possession of a firearm in violation of section 609.66, subdivision 1a, 609.67, or 624.713, on the premises or in the common area and curtilage of the premises; or
4.) Allow stolen property or property obtained by robbery in those premises or in the common area and curtilage of the premises; and
5.) The common area and curtilage of the premises will not be used by either the landlord or licensor or the tenant or licensee or others acting under the control of either to manufacture, sell, give away, barter, deliver, exchange, distribute, purchase, or possess a controlled substance in violation of any criminal provision of chapter 152. The covenant is not violated when a person other than the landlord or licensor or the tenant or licensee possesses or allows controlled substances in the premises, common area, or curtilage, unless the landlord or licensor or the tenant or licensee knew or had reason to know of that activity.
2. Disclosure of Fees (conditional) – The total sum of rent and all mandatory fees must be included in the lease and mentioned as the “Total Monthly Rent” on the 1st page of the agreement.[5]
3. Financial Distress (conditional) – A landlord must notify a tenant if the property being rented is being foreclosed. In this case, a lease cannot exceed two months.[6]
4. Landlord/Manager Information – The landlord must disclose the name and contact information of either the landlord or the property manager authorized to handle the rental.[7]
5. Lead-Based Paint Disclosure & EPA Pamphlet (conditional) – A landlord renting any property constructed before 1978 must disclose to the tenant that there could be lead-based paint on the premises.
6. Outstanding Inspection Orders (conditional) – A landlord must disclose any failed or noteworthy inspections to a tenant.[8]
7. Option for Move-in Inspection (conditional) – If a security deposit is collected, the landlord must give the tenant the option to conduct a move-in inspection. This option must be given to the tenant at the start of the tenancy or within 14 days of the move-in date.[9]
8. Service or Support Animals – A landlord cannot impose any additional fees, charges, or deposits for any service or support animals under a lease’s pet policy.[10]
9. Shared-Meter Buildings – If a utility service is submetered, utility bills provided by landlords to tenants must be based on actual submeter readings.[11]
Seller’s Disclosures (1)
1. 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.”