Real Estate Purchase Agreements

Residential Purchase Agreements

A purchase agreement is a valid, binding contract that obligates you to perform all duties described in that document. You need an attorney to adequately represent and protect your interests as to the intended use of the house or property, financing, and your needs and expectations for conducting due diligence, closing, and taking possession of the house. This review should include seller's disclosure on the condition of the home, city and state compliance such as truth in housing, and 3rd party home inspections, as well as any other documents that the sellers may have provided to you. The following is just a sample of what your lawyer can do for you:

  • Ensure that the property described in the purchase agreement is truly the property you intend to purchase;
  • Determine the type of title that you are willing to accept from the seller;
  • Make sure there are adequate protections for you against liens and encumbrances on the property;
  • Determine if there are any contingencies to your purchase that need to be included in the purchase agreement;
  • Determine if the price and terms of your financing are correct and acceptable;
  • Determine if there is any risk of exposure to environmental liability claims;
  • Help you determine if the physical condition of the property is acceptable to you;
  • Help you determine an acceptable date of closing and date of possession;
  • Determine who should pay the many different categories of taxes and special assessments on the property and when; and
  • Determine the length of time that your offer should be left open to the seller.

Home Owners Associations (HOA) for a Condominium, Townhouse, or Single Family Real Estate

The sale of a condominium or townhome involves a few more documents than the standard residential home sale. A seller must provide a buyer with the condominium or townhome association by-laws, articles of incorporation, covenants and other relevant documents for review. By statute, the buyer then has 15 days to cancel the purchase agreement if the documents are not acceptable.

In addition, the association may need to be notified of a new purchaser and, in some instances, the association may need to approve the sale. Because the condominium and townhome documentation govern the actions and rights of residents in those developments, buying a condominium or townhouse requires, in addition to resolution of the customary purchase issues, a thorough review and analysis of that documentation. A lawyer can assist you with understanding those documents.

Commercial Purchase Agreements (PA)

Buying, selling, leasing, or developing commercial property has several important legal issues such as environmental liability, ownership, easements, assessments and other concerns that can affect your deed, title, and rights. There is due diligence necessary to properly assess these concerns and determine exactly what you are purchasing, including potential problems that may become part of the sale. We can assist with negotiating the property disclosures, warranties, and terms of a commercial PA offer to ensure that your rights are protected, you have exit clauses to get out of the sale if necessary, and warranties and assurances to protect you if you run into property rights issues with the sales process, parties, and mortgage loan documents.

Contact a Minneapolis/St Paul Attorney Today

If you are seeking legal representation or need information about our services, contact our office today. We have three convenient locations in the Twin Cities metro area. You can reach an experienced lawyer at 651-204-7152.