Purchasing Property in Minneapolis or St. Paul?
Let Our Minneapolis and St. Paul Real Estate Attorney Help
Purchasing a home is one of the most important transactions an individual can make—not only because of the expense, but also because this is the place that the individual will live. A qualified St. Paul and Minneapolis real estate lawyer can advise you of your rights when working with the property purchase agreement to make sure that the transaction goes smoothly.
Minnesota law allows a real estate agent to represent a seller, a buyer or both parties, acting as a dual agent.
A real estate agent’s fiduciary duties include:
- Reasonable care
A seller must, by law, make a written disclosure to the buyer before signing a sales agreement or a transfer agreement for real property. The disclosure must contain all of the information regarding any negative physical conditions of the property. The information must be material, as it must play a part in whether the buyer may purchase the property or not. The disclosure must be made in good faith. If the seller has no knowledge of problems with the property (as in most foreclosure cases), the seller must state that he has not lived in the property and does not know if there are any extenuating circumstances regarding the property.
A St. Paul real estate attorney can review purchase agreements and can advise a buyer of his or her rights regarding the purchase agreement. A well-drafted purchase agreement should contain at least:
- The purchase price
- Arrangements for financing
- A legal description of the property
- A statement regarding good and marketable title
- The condition of the property at the time of the sale
- Estimated closing date and date of possession
- Down payment/earnest money
- Type of mortgage or other purchase method (cash)
- Inspection—time to do inspection and cancel clause if the inspection does not meet the buyer’s requirements and/or expectations
- Contingencies and/or items that will transfer with the property (such as appliances)
- Property tax payment information
- Title warranty
- Property tax proration
- Who is responsible for risk (fire, other natural disaster) pending closing/transfer
- Escrow terms
- Earnest money return clause
- Signatures of the parties
The amount and type of information contained in a real estate purchase contract can raise many legal questions and problems later if they are not addressed at the onset. Steven H. Snyder & Associates can answer all of your legal questions, review the entire contract and assist with the closing on the property. Even if a person thinks he or she understands the contract, he or she should contact a St. Paul and Minneapolis real estate lawyer to review the contract prior to affixing his or her signature.