Dangerous Default Language (at least for Buyers) Up until last August, Minnesota home buyers who discovered inspection issues that required negotiation with their Seller were safe. If they proposed an Amendment reducing the sales price say, $1,500 as a result, and the Seller said “no,” the deal automatically cancelled at the end of the agreed-upon inspection period....Read More
Why Buyers Can Walk When the Home Doesn’t Appraise “Buyer agrees to pay in the following manner: 1) Cash of _____ percent (%) of the sale price, or more in Buyer’s sole discretion . . . “ –Excerpt, standard Minnesota Purchase Agreement (emphasis added). [Editor’s Note: The views expressed here are solely those of Ross Kaplan,...Read More
“Anti-Home Hacking Clause” Added to Minnesota Purchase Agreement Scarcely a month ago, I wrote about the case of a disgruntled Minnesota home Seller who exacted their revenge on their Buyer, post-closing, by remotely hacking into the home’s Nest thermostat (the story is that they waited for the new owner to go on vacation last winter, then...Read More
MN Seller’s Property Disclosure You’d think that the signature page for a real estate document would be the last page. And — at least in the case of the (required) Minnesota Seller’s Disclosure — you’d have been wrong. Until two months ago, the Seller signed on the second to last page (page 8) of the...Read More
