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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Minnesota, a property disclosure statement is a requirement in most residential real estate transactions. According to Minnesota Statute 513.55, sellers are obligated to disclose in writing any material facts of which they are aware that could adversely and significantly affect an ordinary buyer's use or enjoyment of the property, or any intended use of the property of which the seller is aware. This includes disclosing any known material defects. The disclosure must be made before signing an agreement to sell or transfer the property. However, there are exceptions to this requirement, such as transfers between certain family members, foreclosures, and newly constructed buildings that have not been inhabited. The disclosure statement typically covers a wide range of property conditions and features, including the status of the plumbing, electrical systems, appliances, heating and cooling systems, water supply, sewage systems, and the presence of environmental hazards. Failure to disclose known defects can lead to legal liability for the seller.

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Real property

property disclosure statement

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Real property

property disclosure statement

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