Keeping you informed…

     Bowers Real Estate MN, LLC wants to keep you informed on the most recent changes in the industry.  There was a change in Minnesota State Law on January 1^st 2003 that affects any homeowner that is selling their home.  Basically it states that when a homeowner sells their home, they must disclose known defects about their home to the buyer.  This statute is shown below. 

Chapter Title: FRAUDS
Section: 513.55
Text:
513.55 General disclosure requirements.

    Subdivision 1. Contents.
(a) Before signing an
agreement to sell or transfer residential real property, the
seller shall make a written disclosure to the prospective buyer.  The disclosure must include all material facts pertaining to adverse physical conditions in the property of which the seller is aware that could adversely and significantly affect:

    (1) an ordinary buyer's use and enjoyment of the property;
 
or

    (2) any intended use of the property of which the seller is aware.

(b) The disclosure must be made in good faith and based upon the best of the seller's knowledge at the time of the disclosure.

    Subd. 2. Disclosure to licensee. A seller may provide the written disclosure required under sections 513.52 to 513.60 to a real estate licensee representing or assisting the prospective buyer.  The written disclosure provided to the real estate licensee representing or assisting the prospective buyer is considered to have been provided to the prospective buyer.  If the written disclosure is provided to the real estate licensee representing or assisting the prospective buyer, the real estate licensee shall provide a copy to the prospective buyer.

    HIST: 2002 c 306 s 4.