A Minnesota residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Minnesota sellers of residential real estate must make the following disclosures, as appropriate, to meet legal requirements for a real estate purchase agreement:
(a) Before signing an agreement to sell or transfer residential real property, the seller shall make a written disclosure to the prospective buyer. The disclosure must include all material facts of which the seller is aware that could adversely and significantly affect:
(1) an ordinary buyer’s use and enjoyment of the property; or
(2) any intended use of the property of which the seller is aware.
(b) The disclosure must be made in good faith and based upon the best of the seller’s knowledge at the time of the disclosure.
The seller disclosure requirements in sections 513.52 to 513.60 do not apply to any of the following:
(1) real property that is not residential real property;
(2) a gratuitous transfer;
(3) a transfer pursuant to a court order;
(4) a transfer to a government or governmental agency;
(5) a transfer by foreclosure or deed in lieu of foreclosure;
(6) a transfer to heirs or devisees of a decedent;
(7) a transfer from a cotenant to one or more other cotenants;
(8) a transfer made to a spouse, parent, grandparent, child, or grandchild of the seller;
(9) a transfer between spouses resulting from a decree of marriage dissolution or from a property settlement agreement incidental to that decree;
(10) a transfer of newly constructed residential property that has not been inhabited;
(11) an option to purchase a unit in a common interest community, until exercised;
(12) a transfer to a person who controls or is controlled by the grantor as those terms are defined with respect to a declarant under section 515B.1-103, clause (2);
(13) a transfer to a tenant who is in possession of the residential real property; or
(14) a transfer of special declarant rights under section 515B.3-104.
How Do You Write a Real Estate Contract in Minnesota? To write a real estate contract in Minnesota, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Minnesota? You can get out of a real estate contract in Minnesota during several stages of the buying process. Cancellations in real estate transactions usually deal with a failed contingency, like a failed inspection or financing, or one of the parties choosing to back out and breaching the agreement altogether. Read more » What Is the Effective Date of a Real Estate Contract in Minnesota? In Minnesota, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Minnesota? In Minnesota, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Minnesota? Start by downloading our customizable Minnesota real estate contract template. Filling out the template is straightforward; complete the information for each party, including the names, party type, and the legal property address. Next, write out the terms and conditions of the deal such as the purchase price and financing information. Read more »
