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What information must a party provide when selling a home?

Some houses sell off the market within hours; others sit and wait for days without seeing any interest from a potential buyer. Whether a Minneapolis seller can move his property quickly or not may depend on a number of factors. However, regardless of the speed at which he sells his property, he may have to make several important disclosures to his buyer before the transaction can be completed.

According to the Minnesota Attorney General, a home seller must provide at least one mandatory disclosure to a buyer. The seller must disclose if there are any wells on the property being transferred. The disclosure must stipulate where the well is located, if it is currently in use and other vital pieces of information about the well.

Other disclosures may be required, depending upon the particular community in which the property transaction is taking place. Some Minnesota cities and communities require that a seller give a buyer a truth-in-housing or code compliance report. These reports must be signed off on by an inspector who will report if there are structural, electrical or other defects with the property in question.

Buyers may also ask that their sellers provide them with Real Estate Transfer Disclosure Statements. These statements can look very similar to truth-in-housing or code compliance reports. Sellers should note, however, that even though they are disclosing problems with their properties, they are not obligated to remedy the defects that they list.

Generally speaking, selling a home may require a seller to tell his potential buyer about the problems the property may have. Whether he will have to fix them may come down to negotiations between the parties to the property transfer. A lack of disclosure, however, can be fatal to a property transfer agreement. Attorneys who work in the residential real estate field can help their clients work through their disclosures to bring their property transfer plans to completion.

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