Do you know that Minnesota law requires a material fact disclosure (Seller's Disclosure), made by the seller to the buyer?  Sellers must be prepared to adhere to the statutory legal requirements for this disclosure and Buyers should understand what to look for and whether the Seller has met this requirement.  Minnesota requires sellers to disclose "material facts", and candid disclosure is often a proactive risk management strategy, ask us for advice on this issue if you choose to retain our firm. 

Was the property built prior to 1978?  If so, Federal Law requires a lead-based paint disclosure.  You will need to make sure you understand what this disclosure requires, and that you provide a prospective buyer with a sufficient written disclosure.

Wells, septic systems, etc.?  There are required disclosures for that too. 

Is the sale of the house contingent on financing, an inspection, or the sale of the buyers own home?  If so, this can shift the burden of risk to Buyer or Seller, depending on how these contingencies are structured. 

How much earnest money should I get from a prospective buyer and do I get to keep the earnest money if the buyer defaults?  Despite what you may think, there is not always a clear answer for this either, and the more information you are armed with, the more you can manage some of the risk in the transaction.

Buying or selling a home is a complex transaction, and once buyer and seller have agreed to a price and closing date, that is only part of the transaction.  Real estate purchase contracts must be in writing to be valid in Minnesota, and the clearer and more accurate they are, the better it will be for everyone involved

Even if a real estate agent (or Realtor) is involved in one or both sides of the transaction, a proactive and prudent buyer or seller would be well-advised to seek the help of an attorney to handle contract or purchase agreement drafting, review, or assistance in the transaction.  Since your real estate agent cannot provide legal advice, we can help provide advice and assistance where the agent is unable to help.  Download and review Brad Boyd's Guide to a Successful Real Estate Sale, here, to find more information about how your attorney can help in your FSBO sale. 

Brad Boyd can help For Sale by Owner and other residential real estate sellers at a very reasonable fee structure, adding risk reduction and peace of mind to the process of selling your home without the assistance of a real estate agent, which can be a unnerving proposition.  Contact us to discuss this in more detail.

If you are thinking about selling a home in Minnesota as a For Sale By Owner, feel free to contact us to discuss how we might be able to help you through the process.  We take our role in representing a buyer or seller in a real estate transaction as an opportunity to be an advisor, not just a "purchase agreement drafter" or "contract drafter".  If you engage Brad Boyd when you sell your home as a For Sale By Owner, you will benefit from the knowledge and expertise we have gained, and you can take comfort in the help and support we provide along the way.