duty to update

Doing a Final Walk-Thru Inspection on a Long-Vacant Home

As Minnesota home sellers know (or should), the required Seller Disclosure is a “live” document, up to the date of closing. Translation:  if something bad happens to the house after it goes on the market, the Seller needs to update their disclosure. But, what happens if the Seller is long gone? (often the case with...
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New Minnesota Home Seller’s Disclosure

Trading Half a Loaf For a Full One (or Possibly None) Starting this January 1, something happened to the Minnesota Seller’s Disclosure that I’d never seen before:  it got shorter*. Lopped off the end of the document:  the section requiring Sellers to sign (again) as of the date of the Purchase Agreement (“PA”), representing either...
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“Live” vs. “Dead” Documents (Huh?!?)

Fill Out the Form and Forget it?  Not Necessarily OK, there’s no such thing as a “living, breathing document” — with the possible exception of the Declaration of Independence, the U.S. Constitution, etc. What I have in mind, though — at least in the context of residential real estate — are contracts/disclosures where one party...
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Real Estate Disclosure for Advanced Beginners

Duty to Disclose, Duty to Update If you’re not actively in the housing market, the following subject ain’t for you. And even if you are, it’s technical (= dry = boring). So, read on at your own peril. Still with me? Here goes: One of the most important-yet-subtle obligations in residential real estate is the duty...
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Real Estate’s Ultimate Hot Potato

The Buyer’s Inspection on a Cancelled Deal One of the knottiest issues in real estate for awhile now is, “what does the listing agent do with the Buyer’s inspection on a deal that ultimately falls apart?” The question is problematic because — at least in Minnesota — home sellers and their agents have an independent duty to disclose any defects...
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