Under the Minnesota Residential Real Property Disclosure Act (Minn. Stat. § 513.52–513.60), which of the following property transfers is NOT exempt from the seller's disclosure requirement?
Correct Answer
D) A sale by an individual owner-occupant who has lived in the home for five years
A sale by an individual owner-occupant who has lived in the home is not exempt from the Minnesota Residential Real Property Disclosure Act. This is precisely the type of transaction the Act was designed to govern — a seller with personal knowledge of the property's condition selling to a buyer. The seller must complete the Seller's Property Disclosure Statement disclosing all known material defects.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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