Contracts
A Minnesota homebuyer uses the Minnesota Association of Realtors purchase agreement form. This form is considered a:
AGovernment-mandated form that must be used in all transactions
BStandard form that parties can modify by addendum or amendment✓ Correct
CLegally binding contract only if notarized
DOptional form that can be replaced entirely by a custom contract
Explanation
The Minnesota Association of Realtors purchase agreement form is a standard form widely used in the industry. While not government-mandated, it is the most common form used by Minnesota Realtors. Parties can modify the standard form through addenda and amendments to accommodate specific transaction needs.
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