The Minnesota Residential Purchase and Sale Contract is a document that is used to formalize an offer to purchase real estate. The written agreement must include the amount offered by the buyer, how he can finance the purchase and the duration of the offer. State law requires that the purchaser be made available to the purchaser to disclose defects or deterrents to the residence. This written statement must be made to potential buyers before a written agreement is reached. If the buyer and seller agree to the terms, both must sign the contract to make the sale official. Minnesota has a certification process for real estate lawyers that is very good. Here is a database of real estate experts (certified by the Minnesota Bar Association). If you choose a residential real estate lawyer, make sure that the lawyer does not represent routine real estate agencies or broker associations. These lawyers have a terrible conflict of interest and are very unlikely to draw attention to brokerage errors. Lead Coloring – If the residence was built before 1978, the seller must give the buyer a written disclosure describing his knowledge of the use of lead paint on the land (if any). Please hire a lawyer to design your sales contract. Although brokers have the right to fill out forms, most of them do not have good writing skills and are likely to design documents that are not valid or very defective.
We have seen many examples of brokers with poor design capabilities that have damaged many Minnesota consumers. For example, we helped a saleswoman who sold her house based on the fact that her buyers were selling their home. The Reeretor emergency form indicates that the buyers` home is currently listed for sale. However, buyers did not intend to market their home for more than four months. The very large real estate agent company claimed that it had done nothing wrong because they had signed the buyers on a list contract and they were not obliged to start marketing. This is just one of the many problems with broker form.