Call to schedule a consultation(763) 398-1676

 

"Small Town Attention....To BIG City Problems."

"Small Town Attention....

                 To BIG City Problems."

"Small Town Attention....To BIG City Problems."
mobilephone

Call to schedule a consultation 763-398-1676

FSSK Legal Blog

Bringing you the latest and most informative legal information.

Purchase Agreement Disclosures: Too Much is Better Than Not Enough

Purchase Agreement Disclosures: Too Much is Better Than Not Enough

WHAT IS A PURCHASE AGREEMENT DISCLOSURE?

To disclose means to make information known, and a real estate purchase agreement disclosure does exactly that; it apprises potential buyers of the condition of the property. These statements are typically given once a buyer has accepted an offer. In Minnesota and most other States, disclosure statements are not required for commercial property, or when acquiring a foreclosed property at sheriff’s sale or via a deed in lieu of foreclosure.

WHY IS A PURCHASE AGREEMENT DISCLOSURE IMPORTANT?

In Minnesota, sellers are required under the law to disclose all material facts of which they are aware that could adversely and significantly affect an ordinary buyer’s use or enjoyment of the property or any intended use of the property. (Codified at Minn.Stat., §§ 513-52-513.60). However, this does not extend to the duty on the part of a seller to acquire knowledge or discover matters that are not in fact known by the seller. For example, although a seller would be required to disclose a potential issue with the roofing due to a leaking ceiling, he would have no obligation to perform an inspection of the roof in the absence of any water intrusion. The key with disclosure laws is to protect buyers from fraudulent non-disclosures. That objective isn’t met if sellers are held accountable for defects of which they are unaware.

...
Continue reading
4778 Hits
8 Comments

We are also here: LinkedIn Today