"Effective August 1, 2004 sellers of existing single-family residential property will be required to disclose all material facts of which they are aware that could significantly or adversely affect an ordinary buyer's use or enjoyment of the property or any intended use of the property of which they are aware."
A chapter from the 2005 Minnesota Real Estate Institute handbook. Contents: Why a lawyer's involvement is necessary in residential transactions. The lawyer must provide competent repreeentation. How to justify your fees to a potential client. Advising your client about real estate brokerage services. Tools of the real estate lawyer. What should be done before the listing agreement. Working with an agent. Setting the price. The purchase agreement. Financing. Title matters. Pre-Closing. Closing. Post-closing. 25 pages.
We suggest you read this before you are buy or sell a home!
It includes a valuable set of definitions of real estate terms, an overview of the roles involved in residential real estate transaction, information about agency agreements, property conditions, the process of forming a purchase agreement (including offer and acceptance), financing, title and title insurance, closing, possession, resolving problems encountered in the transaction, special issues in "for sale by owner" transactions, information about real estate taxes, including special assessment, and
information about who the owners of the property should be (how to hold title).
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