A Minnesota property disclosure statement is a written account of a home’s condition that is required to be provided to any buyer before the closing of a real estate purchase. This type of document is intended to ensure potential buyers are made aware of material facts concerning the property that may significantly affect its everyday use or safety of the occupants. The disclosure may include information concerning contamination from hazardous materials, underground oil storages, flooding, or whether pets have been a part of the household.
The seller of the property must complete the disclosure to the best of their knowledge, and they are not liable for the omission of any facts of which they had no knowledge at the time of completing the disclosure. This may include defects that can only be discerned with expertise beyond that of the seller, or those found in inaccessible areas of the premises.
Laws – § 513.55
Purchase Agreement – When entering into a purchase agreement contract, the seller must furnish the buyer with additional disclosures that relay contamination from hazardous materials, nearby underground sewage systems and wells, and whether the home is located in a precarious region such as a wetlands, shorelands, or flood plains.