Parties who are purchasing property must be sure to perform due diligence into the owner’s title and into any liens or easements that may affect that property’s value. The sellers have similar duties to disclose known hazards, provide the necessary information, and handle any legal issues that may arise for their tenants related to the sale.
A Minnesota residential real estate transactions lawyer could help individuals and companies make sure the sale or purchase goes smoothly. A knowledgeable real estate attorney can work with you to identify your goals and to advocate for your interests.
There are key questions a person must consider when purchasing real estate. The first is whether the seller has the right to transfer the property. The county Registrar of Deeds keeps track of landowners, and a quick title search can help determine whether the seller owns the land and can sell it.
This title search may also reveal whether the land is subject to any restrictions or easements. Most urban or suburban land falls under zoning laws, and a neighbor may have rights to travel over it or to take groundwater.
Finally, a Bloomington residential real estate transactions lawyer could negotiate a final residential sale agreement. They can help negotiate key terms such as price, whether a seller will be responsible for any repairs, and what will happen if the sale falls through.
Just as buyers have an obligation to themselves to properly research the purchase of land, sellers have similar duties to provide proper disclosures and guarantees. However, these obligations are not just for their own benefit, state laws require sellers to provide certain information to prospective buyers.
According to Minnesota Statute §513.55, a seller of residential real estate must make a written disclosure to a prospective buyer. This disclosure must include vital information concerning the property, including:
For example, a seller must disclose any potential pest problems that may affect the land. Similarly, if there are structural defects to the home that require repair, the disclosure must include them.
Similar duties on the part of the seller involve properly classifying the deed to be transferred in the sale. The deed may purport to transfer the land free from any encumbrance or easement, may disclose that the land is subject to restrictions, or may offer the land for sale without any guarantees at all.
Every potential buyer or seller of residential real estate must consider their legal duties in the transaction. For buyers, this can include performing due diligence into the purchase and engaging in negotiations for the final purchase agreement. For sellers, they must provide a true and accurate disclosure of any defects in the land as well as properly classify the nature of the deed that they are attempting to sell.
Working with a Bloomington residential real estate transactions attorney could help you meet these burdens. Reach out today to discuss your options.