Are you starting your house hunting journey or are ready to sell your first home? This blog post will share a checklist of items that need to be disclosed to potential buyers when selling a home in Minnesota. This information is important for buyers to know so they can submit an offer confidently and it is important for sellers so they don’t run the risk of a lawsuit.
The information that sellers are REQUIRED to share about their home is called a Disclosure.
A property disclosure covers material facts about a property that would impact the “use and enjoyment” for a new buyer. I am not a lawyer and therefore cannot provide legal advice, but my rule of thumb to sellers is if it is something that you wish you would have known when you bought the home, disclose it.
#1: General information
Some of the General Information that needs to be shared with potential buyers are:
- Is the home suitable for year-round use
- Is located in a flood zone
- Is the home is governed by an HOA
- AND if the HOA has specific restrictions.
#2: General Condition
Sellers also need to disclose the General Condition of the home. This includes any damage that may have happened to the home due to a storm or a fire, as well as work that was performed on the house (examples would be a deck addition, a bathroom renovation, etc).
Sellers need to disclose information about the age and condition of the roof as well as the foundation and the exterior siding. Remember this information is just to the best knowledge of a seller. If you are fearful about the condition of the homes features, I highly recommend a home inspection or specialist.
#3: Other material facts
Other material facts include:
- Private well or sewer systems that serve the home (these require separate disclosure forms in MN)
- Lead based paint (any home built before 1978 is required to have an additional addendum that lets potential buyers know if they ever tested for lead in the home
- Sellers need to tell potential buyers if there was ever flooding in the home
- Or if they had issues with pests
- Sellers also have to disclose if someone died on the property UNLESS the death was by natural causes or a suicide. And since Halloween is coming up next month, I will let you know that sellers DO NOT have to disclose if they believe the home is haunted.
All of these material facts are listed in the official Sellers Disclosure Statement that is required for the transfer of property in MN. If you ever have any questions, you can always consult your realtor or a real estate attorney.