Home Disclosures and Inspections in MN

There are varying degrees of comfort as it relates to the maintenance that comes with home ownership. Luckily, there are a number of stages in the process that allow a buyer to thoroughly understand the ins and outs of a home they are interested in.

Seller Disclosure Form

Under Minnesota Law, sellers of residential property are obligated to disclose all material facts that they are aware of about their home that could adversely affect a buyer’s use and enjoyment of the property. Known as the Sellers Property Disclosure Statement, the buyer will need to sign this document when submitting an offer which acknowledges that they received it.

• This disclosure form is required by state law but can be waived if both the seller and buyer agree to it. This is commonly seen with rentals and estates.
• The seller can also opt, in place of the disclosure form, for a qualified third party to provide a written report that discloses material information relating to the property.

The Truth-In-Sale-of-Housing (TISH) Report

There are currently 12 cities in the Twin Cities metro area, including Minneapolis and St Paul, that require a city inspection before an individual sells their home. While each city has different requirements, they all generally focus on safety and risk and provide a report of recommended or required fixes.

In certain circumstances, the sellers are required to complete the fixes before closing. If this is optional, and the required repairs are not completed, the buyer assumes the responsibility and must complete the repairs in a certain time frame. While each city is different, and it is important to understand your cities specific requirements, the TISH inspection is in place with everyone’s safety in mind.

Learn more about what a TISH inspection and report are.

Buyer Inspection

The buyer has the option to make an offer on a home only after an inspection on the home is completed. Because it is the buyer’s contingency in the purchase agreement, it is up to the buyer to determine what inspections they would like to do and who they would like to use to satisfy their decision to move forward with purchasing the home.

Typically, you will ask for 10 days to complete any inspection and you have three options after receiving the inspection report:

1. Follow through with buying the home
2. Cancel the purchase agreement if a condition is found to be unsatisfactory
3. Negotiate new terms of your offer if the inspection revealed something you were not previously aware of

Other common “add-ons” to a typical home inspection to consider:

• Radon Inspection: Radon is a naturally occurring, colorless, odorless, tasteless gas. When inhaled it can damage the lungs and long-term exposure can lead to lung cancer.
• Sewer Line Inspection: Dependent on the age of the home, the sewer line could be cast iron with risk of deterioration.

When you work with us, we walk you through all of this step by step and help you get forms filled out and review reports. We’re your consultants.

Get in touch: andrew@mnmyhome.com or 612-432-3873.