Health & Fitness
The Minnesota Seller's Duty to Disclose
This is not intended as leagal advice as I am not an attourny nor do I play one on TV. In selling over 225 homes in the last 9+ years I have seen just about everything....
The Minnesota seller's duty to disclose is very clear.
If you are selling a home you must disclose any material fact or defect that could inhibit the enjoyment of any potential buyer. Pretty clear right, wrong... Not for some agents. It amazes me how many times I hear an agent... or even licensed brokers say, "I've never lived there so I don't have a disclosure."
That has nothing to do with it and if you are a licensed agent or broker, you have even more responsibility to disclose!
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Let's talk about the seller's waiver first. This is an option, never tested in court, and available so that buyers can allow the seller to waive their requried disclosure. This happens quite often in Minneosta Foreclosures, or Minnesota short sales when a bank is involved and offering no form of disclosure. Basically the buyer is waiving the sellers obligation to provide said disclosure... what does a potential buyer want in return... A LOWER PRICE!
Then we have the "AS-IS" addendum. This has no bearing on what we have talked about so far and only indicates that once this deal closes... a buyer has absolutely no grounds to come back to the seller after closing for any reason. You can still do inspections, you can still request repairs (does not mean they will do anything), and you can still have the state required disclosures! If you are purchasing Minnesota Real Estate do yourself a favor and procure the guidance of a great agent who understand these technicalities and can guide you on your options through the offer process.
Find out what's happening in Woodburywith free, real-time updates from Patch.
This is not intended as leagal advice as I am not an attourny nor do I play one on TV. In selling over 225 homes in the last 9+ years I have seen just about everything.... Real Estate is a great business and I love what I do. If you do not intend to buy or sell a home in the next few years chances are you know someone that will. Do them a favor and pass this along so they understand their options when it comes to purchasing distressed property in the state of MN.
Good luck and happy home selling!
Matthew Johnson
The Johnson Real Estate Group serves Woodbury, Oakdale, Cottage Grove, and the entire Twin Cities Area including Western Wisconsin! We are dedicated to providing a superior experience when buying or selling your Twin Cities home! Contact us at www.mattjrealtor.com to find out more.
