Minnesota statute requires that 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:
- An ordinary buyer's use and enjoyment of the property; or
- Any intended use of the property of which the seller is aware.
The disclosure must be made in good faith and based upon the best of the seller's knowledge at the time of the disclosure.
Note that there are two versions of the disclosure statement that the Minnesota Association of Realtors publishes. One is meant for home sales, while the other is for vacant land.
Do I Need to Provide the Disclosure?
In most arms-length transactions, you must disclose any information you have about the property that could significantly affect the buyer’s use of the property, unless the buyer waives this disclosure in writing. Your disclosure must be in writing and can be provided to the buyer or the buyer’s real estate agent.
A buyer can file a lawsuit against a seller for damages caused by violation of this law within two years of the closing date. A seller is not liable to the buyer, however, if the seller did not know about the problem.
Where Can I Get A Copy of the Disclosure Form?
There are two ways to get this form:
- The Minnesota Bar publishes a set of residential real estate forms, including contracts and disclosures. These forms are available for free on their website, you just need to sign up and take a short survey.
- The Minnesota Association of Realtors publishes the disclosure form. We will provide you a copy of the form, and any other Minnesota disclosure, for free when you list on the MLS through us for a one-time fee of $95.
Include Your Disclosures on Your MLS Listing
When you list your home on the MLS with homecoin.com for a one-time fee of $95, we will upload your disclosures directly in your MLS listing, so you can easily comply with Minnesota law. Learn more about our flat fee MLS service here: https://homecoin.com/flat-fee-mls/minnesota
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