Under the Minnesota Residential Real Property Disclosure Act (Minn. Stat. § 513.52–513.60), which of the following transfers is NOT exempt from the Seller's Property Disclosure Statement requirement?
Correct Answer
D) A transfer by an owner-occupant seller who has lived in the property for the past three years
An owner-occupant seller who has lived in the property is NOT exempt from the disclosure requirement — in fact, this is precisely the category of seller the disclosure law is primarily designed to apply to. Owner-occupants have personal knowledge of the property's condition and are required to complete and deliver the Seller's Property Disclosure Statement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
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