Seller Disclosure - Understanding
Your Responsibility
In 2002, the Minnesota Association of REALTORS® pursued and passed a comprehensive state law requiring seller disclosure in a real estate transaction. The law (MN Statute 513.52-513.60) requires seller's of single family properties to disclose to buyers, in writing, BEFORE Purchase Agreement all material facts of which they are aware that could significantly or adversely affect an ordinary buyer's use and enjoyment of the property.
Material facts include items the buyer would want to know, that are not directly associated with the physical condition of the property. This means all single-family home seller's have the same duty to disclose that real estate brokers and agents have in a real estate transaction.
Current problem. Some seller's of single-family homes have decided they will not disclose. This is especially true during foreclosure sales where the lender has not run into this type of law in other states. Many lenders selling off foreclosures assume, incorrectly, that the "AS-IS" language they have included in their contracts will cover them. In Minnesota the seller who wishes not to disclose needs to follow the waiver of seller disclosure duties if they wish not to disclose material facts they are aware of with the property.
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What do you THINK?
As part of the Association's continuous improvement we would like to ask your opinion on the advertising campaign we ran in 2007. For information on the campaign go to http://www.mnrealtor.com/media/07Ads.html
Follow this link to take this short survey and give us your opinion of the program.
We would like your honest feedback and any tips or ideas that would help make the project more effective in the future.
Client Negotiating Strategies -
Tactics & Techniques
Get signed up today to attend the "Client Negotiating Strategies - Tactics & Techniques" course being held on Monday, October 1st.
Effective negotiating on behalf of others is the hallmark of seller's (and buyer's) representatives. This course examines the positional bargaining and value negotiating process. It also explores unique issues when representing someone in a negotiation and breaking a negotiation impasse.
This course is being held at the Minneapolis Marriott West in St. Louis Park. (On Wayzata Blvd. - off of Hwy 394.) The early registration fee of $99 ends on September 17th - so visit us online at www.mnrealtor.com to get signed up. Click on Education and then on Register for a class/Education Calendar. There are 7.5 hours of CE pending. If you have questions, you can contact Carrie Andersen at candersen@mnrealtor.com.
