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                 To BIG City Problems."

"Small Town Attention....To BIG City Problems."
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Call to schedule a consultation 763-398-1676

To disclose means to make information known, and a real estate disclosure statement does exactly that; it apprise potential buyers of the condition of the property. These statements are typically given once an offer has been accepted.

Disclosure statements outline issues with the property

In disclosure statements involving real property located in Minnesota, sellers are required under the law to disclose known defects 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. A real estate lawyer can help you as a seller prepare a legally sufficient disclosure statement or review a statement prepared by the seller in your capacity as a buyer. Although the disclosure form itself is pretty straightforward, completing/reviewing it correctly is critical because: (1) it can make or break the purchase, and; (2) it can lead to fraud litigation if the buyer maintains that information was withheldcould. Therefore, it is prudent to have professional guidance, especially if this is your first involvement with this important document.

Disclosure statements protect sellers

For sellers, an accurate disclosure statement will ensure a fair, informed transaction with your buyer and protect you from lawsuits. You are required to disclose all facts about the property within your personal knowledge. Know that if you complete a disclosure statement and later find out additional facts that make the first version inaccurate, you are responsible for submitting a revised version.

Remember that no property is completely perfect. Revealing your property’s flaws in a fair and balanced manner will not necessarily kill the deal. The disclosure statement simply affords both parties an opportunity to enter into the deal with both eyes wide open.

Understanding disclosure statements minimizes the risk of buying a lemon property

It is imperative for buyers to read disclosure statements carefully before signing, even if the seller seems in a hurry to complete the transaction. If you know the exact condition of the real estate you’re buying, you will feel confident and comfortable about the sale. Understanding your disclosure statement prevents nasty discoveries later on down the road, like mold, insect problems, or electrical issues. Realize that if these condition issues are disclosed in the statement and you simply miss them because you brushed over them too quickly, you will have no recourse against the seller.

If you need assistance with real estate issues, we can help. At Fuller, Seaver, Swanson & Kelsch, P.A. we have a history of helping numerous Twin Cities clients work through both straight-forward and complex real estate matters involving disclosure, landlord/tenant disputes, mortgage foreclosures, boundary disputes, title issues, and more.

 

If you're looking for qualified and trusted Minneapolis/St. Paul attorneys, please call our Golden Valley office at 763-398-1676 or fill out this quick form to schedule a consultation.

This website features educational information based on general legal principles in Minnesota.  Specific legal advice is contingent upon the unique facts of each case.  Therefore, you should not rely only on this information for your particular legal issue.  Contact an attorney to obtain advice specific to your legal situation.  Read our full disclaimer.

Informational Articles Disclaimer

This website features educational information based on general legal principles in Minnesota.  Specific legal advice is contingent upon the unique facts of each case.  Therefore, you should not rely only on this information for your particular legal issue.  Contact an attorney to obtain advice specific to your legal situation.  Read our full disclaimer.

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