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Lake Vermilion Real Estate

A daily journal concerning Lake Vermilion and surrounding areas.
Selected real estate, notes, stories, musings, and anecdotes.

November 4, 2004

BoneTelling All.

As a note to anyone selling residential real estate in Minnesota…

The statute that requires disclosure of material facts about the property has been broadened to include all features “not directly associated with the physical condition of the property”.

The intent of the change may be clearer in this explanation:

“Effective August 1, 2004 seller of existing single-family residential property will be required to disclose all material facts of which they are aware that could significantly or adversely affect an ordinary buyer’s use or enjoyment of the property or any intended use of the property of which they are aware.

The difference between the initial law and the new change includes material facts that a prospective buyer would want to know that are not directly associated with the physical condition of the property. (e.g., an expansion of a road that is adjacent to the property or the expansion of an airport runway that would allow air traffic to flow over the property.)”

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