Contracts
A Minnesota seller's disclosure statement reveals the property has had water in the basement. The buyer purchases the property anyway. After closing, more water damage occurs. Can the buyer pursue the seller?
ANo, since the condition was disclosed and the buyer accepted it
BYes, if the water damage exceeds what was disclosed or was more severe than represented✓ Correct
CYes, since all post-closing damage is the seller's responsibility
DNo, since 'caveat emptor' (buyer beware) applies to all Minnesota real estate
Explanation
If the seller disclosed 'some water in the basement' but knew the problem was severe and ongoing, the buyer may have a misrepresentation claim if the damage is materially worse than disclosed. A complete, accurate disclosure protects the seller.
People Also Study
Related Minnesota Questions
- A Minnesota buyer purchases a foreclosure property and signs an 'as is' addendum to the purchase agreement. After closing, they discover extensive undisclosed water damage hidden behind drywall. Can the buyer pursue a claim?Contracts
- A Minnesota buyer's agent discovers during a showing that the seller has patched over water damage in the basement without disclosing it. The agent should:Agency
- A closing disclosure in a Minnesota purchase transaction must be provided to the buyer:Escrow & Title
- In Minnesota, a closing disclosure (CD) provided under TRID rules must be given to the buyer at least:Escrow & Title
- In Minnesota, a landlord who charges a higher security deposit to a tenant with a disability (claiming higher damage risk) is committing:Fair Housing
- In Minnesota, which of the following is required to be disclosed to buyers under the Minnesota Seller's Property Disclosure Statement regarding environmental conditions?Environmental
- In Minnesota, which substance commonly found in drinking water at elevated levels has led to widespread concerns and disclosure requirements in some communities?Environmental
- Minnesota's Well Disclosure Certificate is required when a property is sold. Which wells must be disclosed on this certificate?Environmental
Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
State-Specific Concepts
Disclosure Requirements
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 →