Making the decision to sell your home is a big step. But before you can close on the sale and move into a new home, you need to make sure you’re telling the prospective buyers everything they need to know about the property. This goes far beyond just estimating the square footage. In Minnesota, sellers are legally required to disclose certain information about the properties they’re listing, and your Minnesota real estate attorney wants you to know what to expect. Let’s take a closer look at the types of disclosures you’ll need to make when selling your home.
What Sellers Must Disclose
Under Minnesota law, sellers must disclose any information about material facts and defects that may impact the buyer’s enjoyment of the property as well as any intended use of the property. For example, if the property is zoned for residential purposes only, sellers must make this clear. If the property is zoned for both commercial and residential use, they must make this known.
But the real concern comes from the material defects and facts that could impact the buyer’s decision to ultimately move forward with the sale.
Common Material Defects That Must Be Disclosed
Every property is unique, but Minnesota law is clear about the types of defects that must be communicated to buyers. This includes but is not limited to the following:
- Lead-based paint: Lead-based paint is no longer in use, but if your home was built before 1978, you’ll need to include a lead-based paint disclosure for the buyers.
- Past methamphetamine production: If the property is known to have been used for methamphetamine (meth) production, this information must be disclosed to buyers.
- Flooding: If the property was ever flooded, this information must be disclosed to buyers.
- Known radon gas: If the property is known to have elevated radon levels, this information must be disclosed. If you’ve mitigated the radon on the property, you’ll need to provide testing results and show proof of the mitigation efforts in place.
- Underground storage tanks: If you have underground storage tanks anywhere on the property, either sealed or unsealed, you’ll need to disclose the locations of those tanks to buyers.
- Water wells: If you have water wells on the property that are in use or sealed, you’ll need to disclose the locations of those wells to buyers.
- Individual sewage treatment systems: If you have a private septic or sewage treatment system on the property rather than a city sewer connection, you’ll need to disclose this information to buyers.
The required disclosures can be extensive, especially for older homes. This is why it’s a good idea to work with a Minnesota real estate attorney from the beginning. They’ll help you draft the appropriate disclosures for your property.
What Happens if You Don’t Disclose Known Hazards
As mentioned, these disclosures are required by law. Failure to include the se disclosures can expose you to liability and may open you up to lawsuits, monetary damages if the buyer is injured in a physical or financial way as a result of the material defects, and of course, a sale that doesn’t make it to closing.
If you’re worried about setting your sale up for success, consider working with a Minnesota real estate attorney as soon as you put your property on the market. They’ll be able to make sure you’re disclosing the appropriate information and can help you review the buyer’s offer to make sure the terms are working in your favor.
Schedule a Consultation Today
Minnesota’s disclosure laws can be difficult to navigate if you’re new to selling properties. Let an experienced Minnesota real estate attorney help you navigate the process. Contact Waypoint Law today to schedule a free consultation.