Contracts
The Minnesota Association of Realtors (MAR) purchase agreement forms are:
ARequired by law for all real estate transactions
BIndustry-standard forms used by many Minnesota Realtors, but use of a specific form is not mandated by law✓ Correct
CMandatory for all transactions over $100,000
DRequired for MLS-listed properties only
Explanation
The Minnesota Association of Realtors provides standardized purchase agreement forms that are widely used by members but are not required by Minnesota law. Parties may use any written contract that meets the Statute of Frauds requirements.
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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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