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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.

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The High Stakes of Real Estate Purchase Agreements

The High Stakes of Real Estate Purchase Agreements

In Monopoly, prospective properties on Park Place and Illinois Avenue are purchased “as is.” The money used to purchase them isn’t real. There are no negotiated purchase agreements. The highest negative stake is losing face to fellow competitors by going belly-up in debt and forfeiting conquered properties.

“But here in the real world,” to borrow a line from Country-Western singer Alan Jackson, buying real estate is “not that easy at all.” Buyers, when making what in most cases will be the single most important purchase of their lives, need to have a solid handle on the ins-and-outs of the transaction to avoid headaches down the road. The terms of a real estate deal are set forth in a written purchase agreement.

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Common Lawsuits Involving Homewner Associations

Common Lawsuits Involving Homewner Associations

Disputes between owners and homeowners associations (HOA) are pretty common-place, and can become quite unpleasant and may quickly escalate to a frenzied state, especially when the relationship between the parties is already strained or the disagreement involves a significant amount of money.

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Prevent construction disputes with these tips

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2013 is shaping up to be the year of the bulldozer. Construction is up in the U.S. for new single-family homes, and building permits are on the rise. This February, builders in the U.S. started work on more houses and apartments and obtained permits for future construction at a faster pace than we've seen since June 2008, according to an article in the Star Tribune from the Associated Press.

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