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Updated on March 8th, 2022
A Minnesota lease agreement is a real estate document designed to convey the terms and conditions of renting residential or commercial real estate. The owner/landlord of the real estate and the tenant seeking occupancy will negotiate the lease terms, establishing the term length, the cost of rent, the rights and responsibilities of each party, and the causes of termination, among other essential provisions. Once all applicable parties can agree to the terms of the agreement, each can inscribe their signature and render the document legally binding.
Rental Application – A rental application is a tool used by landlords to vet applicants before renting out their property. It will ask for personal and financial information, and will often ask the potential tenant to provide their consent for a background check.
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Agreements: By Type (6)
Commercial Lease Agreement – A commercial lease agreement can be used to detail the relationship between a business owner renting commercial real estate and the owner/landlord of said real estate.
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Rent-to-Own Agreement (Lease Option) – This lease enables a renter to lease the property and, if they comply with the terms and conditions of the agreement, purchase the real estate before the lease term ends.
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Month-to-Month Lease Agreement – This lease agreement is for a periodic tenancy, allowing the lessee to renew the lease each month by paying the rent amount owed until one (1) of the parties chooses to end the arrangement.
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Roommate Agreement – This agreement breaks down the rights and obligations of all parties living under the same roof.
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Standard (1-year) Lease Agreement – This is a fixed-term lease agreement that outlines the terms and conditions of a residential rental arrangement (typically a 1-year lease).
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Sublease Agreement – A sublease agreement can be used, with the permission of the landlord, to allow the tenant to rent out a portion or all of the rental space.
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Disclosures (5) |
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If the landlord has received a notice of a contract deed of cancellation, or if they have received a notice that their mortgage is being foreclosed on, they must notify a prospective tenant before entering into a lease that they have received such a notice.
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2) Landlord/Manager Information The landlord must provide their name and address, or the person authorized by them to receive and give notices, and the name and address of the person authorized to manage the premises.
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3) Lead-Based Paint Disclosure If a property was built before 1978, the landlord must provide this disclosure form to tenants prior to signing a lease.
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The landlord must display a notice in a conspicuous place on the property that states that tenants can obtain information concerning the rights and obligations of landlords and residential tenants.
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5) Outstanding Inspection Orders The landlord must supply the tenant with a copy of any and all outstanding inspection orders for which a citation was issued if the violations threaten the health or safety of the tenant. If the violations do not affect the tenant’s health and safety, the landlord must simply post a notice summarizing the inspection order in a conspicuous place on the property.
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Landlord-Tenant Laws
Landlord’s Access
General Access (§ 504B.211, Subd. 2) – The landlord is permitted to access the premises only for a reasonable business purpose and after providing sufficient notice. The exact period of time is not noted in Minnesota state statutes.
Emergency Access (§ 504B.211, Subd. 4) – The landlord may enter the premises without warning in the case of an emergency.
Rent
Grace Period – No statute.
Maximum Fees ($) (§ 504B.177(a)) – The landlord may charge a late fee but it may not exceed eight (8%) percent of the amount of the overdue rent payment.
Rent Increase Notice (Landlord-Tenant Handbook (Page 11 – Raising the Rent)) – During the term of a fixed lease, a landlord may not increase the rent unless it’s stipulated in the agreement. If it is a periodic tenancy, the landlord must give one (1) month plus one (1) day’s notice.
Security Deposits
Maximum Amount ($) – No statute.
Returning to Tenant (§ 504B.178, Subd. 3(a)(1)) – The security deposit must be returned to the tenant within three (3) weeks of the lease termination.
Interest Required? (§ 504B.178, Subd. 2)– The landlord is required to distribute to the lessee interest on the security deposit of one (1) percent each year.
Separate Bank Account? – No statute.
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