Contracts
A Minnesota buyer signs a purchase agreement and then discovers their spouse (who is also on the mortgage) did not co-sign the purchase agreement. This creates a problem because:
AOne spouse can legally commit to purchases without the other's signature
BIf the property is marital property, both spouses may need to sign the purchase agreement✓ Correct
CThe mortgage application is the only document requiring both spouses' signatures
DThis is not an issue since mortgages only require one borrower
Explanation
In Minnesota, for a binding purchase contract, all parties with an interest in the property may need to sign. If spouses are buying together and both will be on the deed and mortgage, both should sign the purchase agreement.
People Also Study
Related Minnesota Questions
- What type of contract exists when a buyer and seller have agreed on terms but have not yet signed a written purchase agreement in Minnesota?Contracts
- A Minnesota seller accepts a buyer's offer and signs the purchase agreement. Before the buyer receives notice of acceptance, the seller wants to withdraw. Under contract law, the seller:Contracts
- A Minnesota seller accepts an offer and the parties have a binding purchase agreement. The seller then receives a higher offer. The seller may NOT accept the second offer because:Contracts
- In Minnesota, a seller who refuses to close after a binding purchase agreement is signed is in breach of contract. The buyer's STRONGEST remedy is typically:Contracts
- A Minnesota property has a purchase agreement requiring a 45-day closing. During this period, the buyer discovers a judgment lien filed against the seller just after the purchase agreement was signed. The buyer should:Escrow & Title
- In Minnesota, a buyer representation agreement that is signed creates:Agency
- In Minnesota, a listing agreement that creates an agency relationship requires the broker to act in the seller's best interest. This includes which of the following duties?Agency
- In Minnesota, a land contract (contract for deed) differs from a conventional mortgage because:Finance
Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Study This Topic
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →