The purchase agreement regulates the relationship between the seller and the buyer concerning the sale and purchase of a certain item.
The parties to this agreement don’t transfer any legal rights with the purchase agreement. However, this document serves to outline all the details connected to the sale and purchase of the item. This prevents misunderstandings and disputes between the parties.
Minnesota Purchase and Sale Agreement Form
The Minnesota purchase and sale agreement is a document that defines the terms and conditions under which the seller agrees to sell, and the buyer agrees to buy a certain item.
This document usually includes the names and mailing addresses of the seller and the buyer, details about the property, the purchase price, details about the financing, contingencies, and other terms related to the property transfer.
The Minnesota purchase agreement is also known as:
Other Names for Minnesota Purchase and Sale Agreement Form
Minnesota sale and purchase agreement
Minnesota purchase and sale agreement
Minnesota sale and purchase contract
Minnesota purchase and sale contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Minnesota.
Purchase Agreement Minnesota Laws & Requirements
In Minnesota, there are no particular regulations for the form of the purchase agreement. Nevertheless, when dealing with real estate transactions in Minnesota, it is crucial to incorporate specific disclosures in your purchase agreement.
Purchase Agreement Required Disclosures in Minnesota
In this section, you can find the list of disclosures that must be included in a Minnesota purchase agreement:
Lead-Based Paint Disclosure. As mandated by 42 U.S. Code § 4852d, the seller is required to disclose to the buyer any lead-based paint hazard in the property. This disclosure is obligatory for all the properties constructed before 1978 and for the properties where there is a known lead-based paint hazard.
Seller’s Property Disclosure Statement. The seller of the property must disclose the property's condition to the buyer and name all the damages the property has. All the disclosures must be made in “good faith.” (§ 513.55)
Location of Wells. The seller must inform the buyer about any wells located on the property and give a brief description of their status. (§ 103I.235)
Hazardous Substances. The seller must inform the buyer if the property has been affected by any hazardous waste disposal by fulfilling the affidavit concerning real property contaminated with hazardous substances. (§ 115B.16(2))
Common Types of Purchase Agreements in Minnesota
This section provides all the types of purchase agreements used in Minnesota.
Variety of Purchase Agreement
Residential real estate purchase agreement. Parties use this document to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. This document is used to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties use it to transfer ownership of a car, motorcycle, truck, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Buyers and sellers use this document to provide terms for transferring the company's shares.
Land purchase agreement. Parties use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Minnesota.
Stock purchase agreement. This agreement is used to sell stocks and shares in companies.
Purchase Agreement in Minnesota FAQ
Yes, the purchase agreement is a legally binding document. It becomes legally binding when both the seller and the buyer sign it.
Yes, the purchase price is an essential element of the Minnesota purchase agreement. Therefore, the document will not be effective if you don’t provide the purchase price since it is the main obligation of the buyer.
No, considering that you are not transferring any legal rights with the purchase and sale agreement, the document doesn’t have to be notarized to be valid and effective.
The only situation in which the seller can back out of the Minnesota purchase agreement without consequences is when the buyer fails to meet the contingencies set out in the document.