Disclosures Required When Selling
Hello all,
I am a newbie at REI and also have just recently moved to Minnesota. I tried to get an attorney to look over the paperwork for doing deals that I got at a recent REI bootcamp, to make sure it is suitable for MN law. He refused to look at it stating that laws are so different between states and there are so many disclosures required in MN that I would be foolish not to purchase the necessary paperwork from the State Realtors Assoc. Would those of you doing deals out there comment on how you deal with the disclosure issues in your state? Also where did you get your forms? The guru at the REI bootcamp I attended, suggested his forms were tried and true. He also suggested they were the best you could get and that his forms would be suitable for most state and situations. Is the attorney I talked with just trying to discourage me and steal my dreams as one of the gurus out there likes to say, or should I play the game and purchase the realtor forms.? Is there anyone out there doing deals in Minnesota that can comment? Looking forward to everyone's comments.
Thanks,
Gary
Your not a realtor
the attorney wants to make money
what disclosures exactly are you referring to.....
Dave REI
Things like lead paint, mold, wells, etc., and anything else that a state might require.
Thanks,
Gary
Your state should have an online office site. I believe that information of this sort would be available there under property statues and for FREE. It is public information. browser "Secretary of State Minn.....
The disclosures may be found on your Board of Realtors website (they most likely have one) and also for Free. They are here as well as the real estate contract forms.
Go in your browser and put in your "board of Realtors Minn...." this should bring up a site for you. If not call a local real estate office and ask for the address to the board of realtors website or secretary of state office website.
Hope this helps, these are good sites for forms and info on state laws regarding RE here in TX.[ Edited by Dreamin on Date 10/06/2003 ]
In California - and I would guess elsewhere - the standard form you use when you offer to purchase a house lists the disclosures that the seller is required to provide you. Go to the office of any real estate agent and ask if you can have a copy of their "Residential Purchase Agreement" or whatever it is called in that state. Tell them you would like to read it to better understand what is involved. I suspect most will give you a copy - costs them a few cents. The forms for those disclosures are also at the real estate agents office. In my area you can just walk into the MLS office and buy copies for cash. They dont ask to see your RE license.
Sounds like the lawyer was actually trying to save you money. As other people have said, there's probably a standard form for your state, and trying to adapt something from another state would be be a) risky and b) a complete waste of time and money.
FYI, here in Washington, it sounds like what you're looking for is called a Form 17. Make sure you get the July 2003 revision.