What is a Minnesota Real Estate Contract?
A Minnesota real estate contract is a legally binding agreement that facilitates a real estate transaction between a buyer and a seller. The purpose of the contract is to outline each party’s rights and responsibilities throughout the buying and selling process.
Real estate contracts typically include information like the purchase price, closing date, property address, and any contingencies or conditions that must be met before the sale can be completed.
It is common for a real estate contract to be prepared by a real estate agent or attorney. However, many real estate agencies and title companies provide contract templates that can be used by seller’s who wish to complete the sale privately.
Whether the parties use realtors, hire attorneys, or complete the sale themselves, all real estate contracts in Minnesota must comply with the state laws and regulations that govern real estate contracts laid out in the Minnesota state statutes.
Common Minnesota Real Estate Contracts
The most commonly used real estate contract in Minnesota for residential real estate is the Minnesota Standard Residential Purchase Agreement approved by the Minnesota State Bar Association. There are additional real estate contracts that can be used for different purposes, and these include:
- Real estate assignment contract. Used for investment properties that may need repairs or maintenance. This contract allows the buyer to assign the contract to a second buyer as an investment strategy.
- Lease agreement. Used when a landlord wants to maintain ownership of their property but grants a tenant use in exchange for a monthly rent.
- Commercial property purchase agreement. Used when buying or selling a commercial property that is zoned for business purposes like an office building or storefront.
4 Essential Elements of a Minnesota Real Estate Contract
Under the Minnesota Statutes governing agreements related to property, all real estate contracts must be in writing otherwise the contract will be void. In addition to this requirement, real estate contracts in Minnesota must include four essential contract elements:
- Legal purpose. The contract cannot include any terms that break the law, violate public policy, or encourage either party to break the law.
- Mutual assent. The parties intended to enter the agreement – usually proven by party’s signatures.
- Offer, acceptance, and consideration. A valid offer made by the buyer, acceptance by the seller, and an exchange of items of value. In a real estate transaction this is usually money in exchange for the title to the property.
- Competent parties. Parties entering the contract cannot be minors, incapacitated, or under the influence of drugs or alcohol.
If a real estate contract does not include these elements, or a party is found to be legally incompetent, the contract will be void.
Can a Seller Accept Another Offer While Under Contract in Minnesota?
In Minnesota, once a seller has entered a contract for the sale of their property, they are generally not allowed to accept another offer until the current contract has been rescinded or terminated. If the seller does accept another offer, it would be considered a breach of contract.
How Does a Contract for Deed Work in Minnesota?
A contract for deed in Minnesota is a type of agreement between a buyer and a seller where the buyer makes payments to the seller for a specific period of time, with the understanding that the property will be transferred to the buyer at the end of the contract period.
The buyer is responsible for maintaining the property and paying taxes during the contract period, and the seller retains the legal title to the property until the contract is fulfilled. The buyer can typically obtain financing from a lender to purchase the property through a contract for deed.
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Meet some of our Minnesota Real Estate Contract Lawyers
Davis S.
Davis founded DLO in 2010 after nearly a decade of practicing in the corporate department of a larger law firm. Armed with this experience and knowledge of legal solutions used by large entities, Davis set out to bring the same level of service to smaller organizations and individuals. The mission was three-fold: provide top-notch legal work, charge fair prices for it, and never stop evolving to meet the changing needs of clients. Ten years and more than 1000 clients later, Davis is proud of the assistance DLO provides for companies large and small, and the expanding service they now offer for individuals and families.
Namrita N.
Retired Dentist transitioned to Law, with a special interest in Commercial Real Estate, Startup businesses, Asset Purchase Agreements, and Employment Contracts. I love to help dentists and physicians with legal issues pertaining to licensing, credentialing, employment, and general business-legal questions.
Michael B.
Michael has extensive experience advising companies from start-ups to established publicly-traded companies . He has represented businesses in a wide array of fields IT consulting, software solutions, web design/ development, financial services, SaaS, data storage, and others. Areas of expertise include contract drafting and negotiation, terms of use, business structuring and funding, company and employee policies, general transactional issues as well as licensing and regulatory compliance. His prior experience before entering private practice includes negotiating sales contracts for a Fortune 500 healthcare company, as well as regulatory compliance contracts for a publicly traded dental manufacturer. Mr. Brennan firmly believes that every business deserves a lawyer that is both responsive and dependable, and he strives to provide that type of service to every client.
July 22, 2020
Yoko T.
A bilingual attorney graduated from J.D. with a C.P.A. license, an M.B.A. degree, and nearly ten years of experience in the cross-border tax field.
August 13, 2020
Jaren J.
Real Estate and Business lawyer.
September 2, 2020
Maury B.
Respected, driven, ethical, and high energy legal and business professional with strong focus on litigation, contracts and compliance issues. Critical management experience includes client development, developing core initiatives, and forecasting risk in major corporations. Strong legal research, analytical and problem solving skills with demonstrated adaptability in a multifaceted legal practice including delivering high value results in a Fortune 10 environment. Core competencies include: Tactical and strategic legal direction and support to clients which includes contract negotiation, drafting and review, business planning, and a passion for relationship management. Excellent legal research, writing, analytical and problem solving skills including legal training and compliance with regulatory requirements and corporate policies. Coordinates with in-house legal and business resources for team building with excellent verbal communication skills, coaching, and leadership.
October 30, 2020
Lyndsey G.
Attorney of 6 years with experience evaluating and drafting contracts, formation document, and policies and procedures in multiple industries. Expanded to estate planning last year.
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Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
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ContractsCounsel User
Review private real estate purchase contract
Location: California
Turnaround: Less than a week
Service: Contract Review
Doc Type: Real Estate Purchase Agreement
Page Count: 9
Number of Bids: 5
Bid Range: $250 - $1,500
ContractsCounsel User
Real Estate Purchase Agreement Drafting
Location: California
Turnaround: Less than a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 4
Bid Range: $650 - $2,000
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