Contracts
In Minnesota, which of the following is an essential element of a valid real estate purchase agreement?
ANotarization by a licensed notary
BA legal description of the property✓ Correct
CApproval from the local MLS
DSignatures of both parties' attorneys
Explanation
A valid Minnesota real estate purchase agreement must include competent parties, mutual assent (offer and acceptance), consideration, legal purpose, and a written legal description of the property. Notarization and attorney approval are not required for the purchase agreement itself.
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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.
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