Seller Disclosure Looms Larger The big 2012-2013 change in Minnesota contracts to buy or sell residential real estate — effective Oct. 1 — is the omission of a clause whereby Sellers formerly warranted that the home’s mechanical systems would be in working order as of the date of closing. The primary reason? The language effectively served as...Read More
Listing Seller Agent Seller Disclosure Yes Yes Seller-provided Inspection Yes Yes Seller’s Disclosure Alternatives No Yes (Waiver) “Things should be made as simple as possible — but not simpler.” –Einstein You know something’s complicated when it...Read More
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...Read More
Just as Concerning as Too Messy The only thing worse than biting into an apple with a worm is . . . biting into an apple with half a worm! –Saying Is there really such a thing as a too-clean Seller’s Home Disclosure (required in Minnesota and many other states)? Absolutely. Even the best-built homes...Read More
Disabled Veteran’s Property Tax Exemption Sellers don’t usually have to discuss their property taxes in the Seller’s Disclosure required by Minnesota law. For one thing, the current amount is plainly stated right on the MLS listing (and links to the county record). For another, how are sellers supposed to know what the future taxes will be? Going ...Read More
Rental Repair Risks; or, Becoming an (Unpaid) Property Manager In the history of the world, no one has ever washed a rented car. –Thomas Friedman Until recently, my answer to whether prospective renters should hire (and pay for) a professional inspector would have been “no.” That’s because if something non-trivial breaks, most leases specify that...Read More
