Property Management
A Minnesota landlord must provide a written rental agreement or receipt for:
AOnly leases longer than 12 months
BAny security deposit received, regardless of the lease term✓ Correct
COnly leases involving licensed property managers
DCommercial leases only
Explanation
Minnesota law requires landlords to provide a written receipt for any security deposit received. At the end of the tenancy, the landlord must provide an itemized written statement of deductions from the deposit.
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Key Terms to Know
Earnest Money
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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