“True” or “False” Quiz True or false: the purpose of the Minnesota Seller’s Disclosure is for the Seller to tell prospective Buyers everything the Seller believes is relevant for making a purchase decision. Answer: False. Correct answer? For the Seller to tell Buyers everything Buyers deem relevant. Which is why smart Sellers err on the...Read More
True (Non)Confessions First, my definition of “dumb”: something that adds nothing to the contract — or worse, confuses things. In the former category? The line on the Financing Addendum where the Buyer is supposed to fill in the maximum interest rate on the mortgage they’re applying for (to buy the home). Too low an interest...Read More
Getting the Warts Out of the Way, aka Setting Buyer Expectations Appropriately “ATTN REHABBERS: THIS NEEDS WORK; NOT FOR THE TIMID. SOLD IN “AS IS” CONDITION.” –excerpt, MLS Listing for 4-plex in Minneapolis’ Wedge neighborhood You can certainly overdo it, but I actually endorse what this listing agent is up to: namely, announcing (literally in...Read More
Ad Hoc vs. Whole Building Approach For at least a couple years now, I’ve counseled my condo Buyers to be leery of a certain Lake Calhoun condo building. My concern(s)? That is, besides suspiciously low sale prices (often a giveaway): I’d heard numerous stories about alleged problems (remember, I’m a former attorney) with the building’s...Read More
What Does the Seller Have to Disclose? It comes up rarely enough that even a former attorney (I am) needs a little back stopping from Edina Realty’s legal department. The question: what kind of easements do home sellers have to disclose to prospective buyers? That is, assuming they’re aware of them. As far as home transactions...Read More
Common Interest Community (“CIC”) Rules & Reg’s Test your knowledge of Common Interest Communities — typically associated with condo’s and town homes — and answer the following multiple choice question: Which of the following is most likely to be a deal breaker in the sale of a condo or town home? A. No fireplace —...Read More
