We will be updating our agent’s templates Sunday/Monday so you will not miss a beat. Hope you find this helpful.
We made a list of all the changes for the 2022 MN Realtor Forms that might help you.
These changes will be effective on August 1st, 2022. Also, below is a video if you want to check it out for more details.
I. Residential Forms
1. Financing Contingency
a. eliminated line #57 financing requires approval of a grant, bond, or other loan assistance
b. Written statement: Earnest Money retained by seller or refunded to buyer
- line 107 – seller has the option to cancel this purchase agreement automatically if the buyer failed to provide the written statement in the date specified on line 77.
- line 108 – if written statement is NOT provided, and seller did not declare cancelation prior, the PA is automatically canceled to closing date
2. Special Notices – line #311 added language about discriminatory restrictive covenants informing the consumers that this is illegal.It also explains that restrictive covenants can’t be removed from the title and the county where the property is located.
II. Addenda to Purchase Agreement
1. Buyer’s moving agreement. – line #31 Insurance: Buyer shall purchase and maintain liability insurance effective on the possession date.
2. Addendum to PA: Subsurface Sewage Treatment and Well Water Inspection Contingency
– they just added the word “water” to clearly state we are just testing the water not the mechanics of the well itself.
3. Addendum to PA: Additional Signatures
– for multiple buyers, sellers, etc
III. Buyer Rep & Facilitator Services Agreements
1. line #39 – (they put back the verbiage) any compensation accepted by the broker from the seller shall or shall not reduce any obligation of the buyer to pay for the compensation…
2. line #6 – the contract is for MN properties only
3. Addendum or Amendment to Listing Contract or Buyer Rep Contract or Facilitator Services Agreement: Interpreter Appointment
– new form to assist clients with different language, sign language, etc. and authorizes the broker to speak and provide information for their clients
1. HOA – line #69 HOA or shared amenities
2. line #85 – have you ever had an insurance claim
3. line #89 – Did you have the items repaired
4. line #176 – changed invisible fence to read In-ground pet container system
V. Purchase Agreements: Commercial (Vacant land and Non- Residential)
1. line #160 – added language about discriminatory restrictive covenants informing the consumers that this is illegal.It also explains that restrictive covenants can’t be removed from the title and the county where the property is located.
2. Addendum to Commercial PA: Counteroffer
– line #7 clarified that the CO is valid ONLY upon signature and delivery of the PA
3. Commercial Buyer/ Tenant Rep Agreement
– line #69 same with the exclusive buyer rep, (they put back the verbiage) any compensation accepted by broker from seller shall or shall not reduce any obligation of buyer to pay for the compensation.