Just a Little Fine-Tuning This Year
[Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.]
Unlike a year ago, when the standard Minnesota Purchase Agreement was totally revamped, there are no major updates looming before August 1, when annual form changes go into effect.
That’s according to Edina Realty City Lakes’ own Budd Batterson, who is a long-time member of the local Board of Realtors’ Rules Committee (and 2011 Minnesota Realtor of the Year).
According to Budd, this year’s tweaks include:
–Deleting language letting Buyers define Seller-paid’s as a percentage of the sales price (the convention is to use a dollar amount).
–Streamlining the Lead-Based Paint Addendum, so that signatures are only required at the end of the document.
–Setting a floor of $15k for resolving post-closing disputes either through litigation or arbitration. Below that amount, the parties must now use Small Claims Court (also known as “Conciliation Court”).
To paraphrase Martha Stewart, such relatively nominal changes are a good thing . . .