Real estate purchase contracts usually include promises and provisions guaranteeing the condition of a property. Many states require sellers to disclose certain information about the condition of a property. In states where this is necessary and where a seller intentionally conceals such information, they can be prosecuted for fraud. Deed contracts (§ 559.202) – If the person who placed the good on the market is a “multiple seller”, he is required to complete and annex the communication related to the title to the front page of the sales contract. In Minnesota, sellers must complete a real estate purchase agreement and the following advertising statement for the sale to be considered legally binding: After you and the buyer have agreed on a price, you should create a worksheet for a sales contract. For an idea of what should be included, check out the two usual forms in Minnesota for buying residential properties. These are published by the Minnesota State Bar Association and the Minnesota Realtors Association. The FSBO seller can learn a lot about what needs to be done to close the sale by studying one or both of the sales contracts mentioned above. The brokerage form is shorter and, in some cases, easiest to use for your FSBO sale. The State Bar Association form is more detailed and may be a better form if you need the more specific contingencies and provisions it contains. Click here for Minnesota Contract of Sale forms, which you can also use for the sale of your home. You can then decide which provisions are important in your FSBO sale and whether additional forms should be added to your final puchase contract.
The following links introduce you to certain aspects of the sales contract. The Minnesota Residential Real Estate Purchase Agreement (Residential Purchase and Sale Agreement) is a contract that is designed to legally formalize the sale of a residential property. The document contains the offer of a potential buyer and the conditions of purchase of the property. Lead-based color disclosure – If the residence was built before 1978, the seller must provide the buyer with written information describing their knowledge of the use of lead-based paint on the land (if applicable). The Minnesota Residential Real Estate purchase and sale agreement is a document that is used to formalize an offer to purchase real estate. The written agreement must contain the amount offered by the buyer, how he can finance the purchase and the duration during which his offer is open. State law requires that the buyer receive a disclosure of any defects or deterrents that the domicile has. . . .
