Saint Paul Minnesota Real Estate Home Sales Package with Offer to Purchase, Contract of Sale, Disclosure Statements and more for Residential House
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FAQ
A buyer will submit a purchase agreement. With it, the buyer should include some earnest money?part of the down payment?which is refundable if you reject the offer.
Instead of purchasing a home with a mortgage, the buyer agrees to directly pay the seller in monthly installments. The buyer is able to occupy the home after the closing of the sale, but the seller still retains legal title to the property. Actual ownership passes to the buyer only after the final payment is made.
As a seller, you might be wondering whether you need to legally disclose anything when selling a property. The answer is yes, you are legally obligated to disclose all known information about the property to potential buyers, both positive and negative.
How long are you liable when selling a house in Minnesota? You can be held liable for two years from the closing date.
But, there are 12 states that are still considered ?non-disclosure:? Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming. In a non-disclosure state, transaction sale prices are not available to the public.
Generally, Earnest Money is either a dollar figure, like $1,000.00, or some percentage of the total purchase price. Depending on whatever agreement the parties may reach the amount of the Earnest Money could be as low as a couple hundred dollars or as high as 40% of the purchase price.
Minnesota Earnest Money is a conditional payment of money that a buyer customarily makes upon acceptance of an offer to purchase real property.
Minnesota law specifies that the seller of a residential property must make a written disclosure to the prospective buyer that includes 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
Yes. A seller can back out of an accepted offer or before closing, as long as there are no specific clauses that state otherwise. That being said, whether or not a seller can back out of a contingent offer depends on the contract that was written and what is mentioned in it.
Sellers must also disclose information about toxic materials in the home, such as radon and asbestos. As stated above, it is almost always in the seller's best interest to let a potential home buyer know about any major problems with the home, especially relating to any structural or foundation problems.