Contracts
A Minnesota buyer's offer contains a handwritten note in the margin that reads 'seller must repaint exterior before closing.' The seller signs the offer without specifically acknowledging this handwritten note. Is this note part of the contract?
ANo, handwritten notes in margins are never part of a contract
BIt depends on whether the seller's signature can be interpreted as acknowledging all terms including the handwritten addition
CYes, since it was on the document when signed
DOnly if the note is initialed by both parties✓ Correct
Explanation
For clarity and to avoid disputes, any modifications or additions to a Minnesota purchase agreement should be initialed by all parties. A handwritten note that is not acknowledged with initials or specific reference could lead to disputes about whether it was part of the agreement.
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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.
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
DRE Regulation
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