Under Minnesota's Residential Real Property Disclosure Act, the seller's disclosure obligation applies to which type of property condition?
Correct Answer
D) Material defects and conditions that the seller has actual knowledge of
Under Minn. Stat. § 513.55, the seller is required to disclose material defects and conditions of which the seller has actual knowledge. The disclosure is limited to what the seller actually knows — sellers are not required to investigate or disclose conditions they are unaware of.
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Related Topics & Key Terms
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Related Concepts
Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
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