Contracts exist in every realm of life. When a Minneapolis resident starts a new job she may have to sign a contract of employment. When a couple chooses to get married, they may decide to execute a prenuptial agreement. When a person decides to build a new home or engage in a building project on an existing structure, he will likely have to sign a contract with his contractor or builder.
Financial crises in the last decade have forced many Minnesota residents to surrender their homes to the ir banks in a foreclosure. It is a painful process, and in some cases, families subject to foreclosure are forced to leave the residences where they had built their lives and raised their children. However, foreclosure does not only impact residential real estate properties. Foreclosure can also occur in the commercial real estate realm.
Buying a home is not as easy as simply making an offer and having it accepted. Many factors, such as a seller's willingness to negotiate on a price and current housing market trends, can influence the speed at which an offer is countered, accepted or rejected. In Minneapolis, a low number of available residential real estate properties is making for a challenging market for those who want to buy in the city.
When a new structure is built in Minneapolis or one of its surrounding communities, it is subject to various local and state regulations. Particularly, a new building generally must secure a building permit before its construction is undertaken. A building permit is effectively permission from a governmental authority to construct a building according to the specifications and details provided in a permit plan.