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Minnesota Standard Residential Purchase Agreement

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Minnesota Standard Residential Purchase Agreement

M.S.B.A. Real Property Form No. 1 (1994; Rev. 1996; Rev. 1997; Rev. 2002; Rev. 2004; Rev. 2005)

BEFORE YOU USE OR SIGN THIS CONTRACT, YOU SHOULD CONSULT WITH A LAWYER TO DETERMINE THAT THIS CONTRACT ADEQUATELY PROTECTS YOUR LEGAL RIGHTS.

1. PARTIES.

This Purchase Agreement is made on , by and between

of , SELLER, and

, as joint tenants strike "joint tenants" if tenancy-in-common is intended of , BUYER.

2. OFFER/ACCEPTANCE.

Buyer offers to purchase and Seller agrees to sell real property legally described as:

located at , City of , County of , State of Minnesota, Zip Code .

3. ACCEPTANCE DEADLINE.

This offer to purchase, unless accepted sooner, shall be void at 11:59 A.M., on , and in such event all earnest money shall be refunded to Buyer.

4. FIXTURES AND PERSONAL PROPERTY.

A. Fixtures included in the sale:

B. Fixtures excluded from the sale:

C. Personal property: any personal property to be purchased by Buyer is listed on the attached Personal Property Agreement.

5. PRICE AND TERMS.

The price for the real property is Dollars ($ ),

which Buyer shall pay as follows:

Earnest money of $ by payable to

Select one:

Seller, to be deposited and held by Seller pending closing

Seller’s lawyer, held in lawyer’s trust account pending closing

Seller’s broker, held according to Minnesota Statutes

Other:

receipt of which is hereby acknowledged and $ on , the DATE OF CLOSING, and the balance of $ by financing as shown on the attached Financing Addendum.

6. DEED / MARKETABLE TITLE.

Title exceptions / issues disclosed:

7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS.

A. Delinquent taxes and assessments to be paid by seller not later than closing.

B. Taxes payable in the year of closing:

Prorated between Seller and Buyer

Not prorated

C. Tax statements: amount to use for closing purposes %

D. Homestead classification: Homestead Nonhomestead

E. Deferred real estate taxes: Buyer Seller

F. Valuation exclusions from assessed value: Does Does not

G. Certified special assessments:

Prorated between Seller and Buyer

Paid by Buyer at closing

Paid by Seller at closing

Assumed by Buyer

H. Pending special assessments:

Buyer shall assume payment of

Seller shall provide for payment of

8. DAMAGES TO REAL PROPERTY.

Until completion of closing and delivery of possession, all risk of loss is on Seller.

9. SELLER'S BOUNDARY LINE, ACCESS, RESTRICTIONS AND LIEN WARRANTIES.

10. CONDITION OF THE REAL PROPERTY.

Select only one:

Seller’s Disclosure

Inspection Report

Waiver of Disclosure

Seller and Buyer waive the written disclosure required under Sections 513.52 to 513.60.

SELLER:

SELLER:

BUYER:

BUYER:

11. DISCLOSURE OF NOTICES.

12. TRUTH-IN-HOUSING.

13. POSSESSION.

Seller shall deliver possession of the property not later than closing.

All interest, fuel oil, liquid petroleum gas, and all charges for city water, city sewer, electricity, and natural gas shall be prorated between the parties as of .

14. TITLE.

A. Abstract and examination of title.

B. Abstract lost or unavailable / title insurance by seller.

Select one of the following:

The title insurer of Buyer’s choice

Same title insurer that issued title insurance to Seller

C. Selection of title-clearing cure period:

C.(1) 30 days

C.(2) 60 days

15. TITLE CORRECTIONS AND REMEDIES.

D. Seller defaults remedies.

E. Buyer defaults remedies.

16. NOTICES.

17. SUBDIVISION OF LAND.

18. MINNESOTA LAW.

19. WETLANDS, SHORELAND, AND FLOOD PLAIN CONCERNS.

Addendum to Purchase Agreement: Wetlands, Shoreland and Flood Plain Disclosure included

20. SELLER'S AFFIDAVIT.

21. CLOSING.

Closing location:

Closing costs:

22. ADDITIONAL TERMS.

23. ADDENDA.

Financing:

Financing Addendum for Conventional / Privately Insured Mortgage

Financing Addendum for FHA Insured Mortgage

Financing Addendum for VA Insured Mortgage

Financing Addendum for Seller Mortgage

Financing Addendum for Contract for Deed

Financing Addendum for Assumption

Disclosure and Contingency:

Wetlands, Shoreland, and Flood Plain Disclosure

Contingent Sale or Purchase of Other Home(s)

Lead Paint Addendum for Housing Constructed Before 1978

Disclosure of Sewage Treatment System

Condition of Property

Survey, Appraisal, and Development Evaluation

Buyer’s Home Inspection Contingency

Well Disclosure Statement

Methamphetamine Disclosure Statement

Title Issues:

Addendum to Purchase Agreement: Title Issues

Addendum to Purchase Agreement: Tenants and Parties in Possession

Common Interest Community:

Addendum to Purchase Agreement: Common Interest Community

Others:

24. TIME IS OF THE ESSENCE.

25. MULTIPLE ORIGINALS.

Seller and Buyer have signed originals of this Purchase Agreement.

THIS IS A LEGALLY BINDING CONTRACT. BEFORE SIGNING, CONSULT A LAWYER.

Minnesota law permits licensed real estate brokers and sales agents to prepare purchase agreements. No recommendation or representation may be made by any real estate broker or sales agent as to the legal sufficiency, the legal effect, or the tax consequences of this contract. These are questions for your lawyer.

I agree to sell the property for the price and terms and conditions set forth above.

SELLER:

SELLER:

I agree to purchase the property for the price and terms and conditions set forth above.

BUYER:

BUYER:

This Purchase Agreement was prepared by:

Others who will assist Seller or Buyer with this transaction:

Lawyer for Telephone Facsimile

Listing Agent and Broker for this transaction: Telephone Facsimile

Selling Agent and Broker for this transaction: Telephone Facsimile

Buyer’s or Lender’s Title Insurer: Telephone Facsimile

PERSONAL PROPERTY AGREEMENT

This Personal Property Agreement is a supplement to the Purchase Agreement to which it is attached.

A. Personal property included in the sale price:

B. Personal property purchased separately:

Total price:

Buyer will accept the property “as is” in its condition at the time of closing.

Seller warrants that these items will be in working order on the day of closing.

Encumbrances accepted or assumed by Buyer:

This supplement page is initialed contemporaneously with the signing of the Purchase Agreement.

Sellers:

Buyers:

Supplemental Page

No additional fields shown on page 10.

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What the Minnesota Standard Residential Purchase Agreement Is

The Minnesota Standard Residential Purchase Agreement is the commonly used form that records the terms for buying and selling residential real property in Minnesota. It identifies buyer and seller, describes the property, sets the purchase price and earnest money, and allocates responsibilities for inspections, financing contingencies, title requirements, closing costs, and possession. The form typically incorporates required state disclosures and may reference addenda for financing, lead paint, or other conditions. Parties should review all blanks, attachments, and contingency deadlines before signing to avoid disputes at closing.

Why a Standard Form Matters in Minnesota Transactions

A standardized purchase agreement clarifies obligations, reduces negotiation friction, and aligns expectations among buyer, seller, broker, lender, and title company to support a predictable closing process.

Why a Standard Form Matters in Minnesota Transactions

Who Typically Prepares and Signs This Agreement

Real estate brokers and agents commonly prepare the initial offer; buyers and sellers must review and approve language before signing.

  • Buyers and buyers’ agents complete buyer-specific fields and contingencies before submission.
  • Sellers and listing brokers confirm property condition disclosures and acceptance terms.
  • Title companies and lenders use the agreement to begin title search and underwriting.

Legal counsel, escrow officers, and lenders frequently review the executed agreement for title, financing, and recording prerequisites prior to closing.

Core Sections That Should Be Present and Clear

A complete Minnesota Standard Residential Purchase Agreement groups monetary terms, property identifiers, contingencies, closing logistics, disclosures, and title provisions so each party understands timing and remedies.

Purchase Terms

Specifies the purchase price, earnest money deposit, allocation of closing costs, and any seller concessions; unambiguous monetary terms reduce post-acceptance disputes and ease lender underwriting.

Property Description

Includes legal description, parcel identification, and street address; accurate legal description is required for title search, escrow instructions, and deed preparation to ensure proper recording.

Contingencies

Defines financing, inspection, and appraisal contingencies with removal deadlines and cure periods; precise contingency language protects buyer rights and sets seller expectations for timely performance.

Closing and Possession

Specifies the closing date, location, prorations, who pays recording fees, and possession timing; explicit terms prevent confusion about occupancy, transfer of risk, and liability.

Representations & Disclosures

Contains seller property condition disclosures, lead-based paint notice if applicable, and any other statutory disclosures required by Minnesota law to avoid disclosure-based claims.

Title and Survey

Requires seller to deliver marketable title, specifies title insurance obligations and survey requirements, and sets procedures for resolving title defects before or at closing.

Step-by-Step: Completing and Exchanging the Agreement

Follow these sequential steps to prepare, execute, and distribute the Minnesota Standard Residential Purchase Agreement efficiently.

  • 01
    Prepare the Draft: Enter buyer, seller, property, price, and financing details.
  • 02
    Include Contingencies: Add inspection, financing, and appraisal deadlines with clear cure windows.
  • 03
    Obtain Signatures: Have buyer and seller sign each required signature block and date pages.
  • 04
    Distribute Copies: Send executed copies to broker, title company, lender, and escrow agent.

How to Configure an Online Signing Workflow

Set authentication, field types, routing, and integrations so the agreement routes automatically to title, lender, and broker systems.

Field Configuration
Authentication Method Email link or SMS code for signer verification
Field Types Signature, initials, date, conditional fields configured
Routing Order Define signer sequence for buyer, seller, and lender
Integration Connect to title, CRM, or cloud storage systems

Platform and Integration Considerations for eSigning

Confirm file format support, required authentication strength, and integrations with title or lender systems before initiating eSignature workflows.

  • Supported Formats: PDF, DOCX accepted
  • Integrations: Salesforce, NetSuite, Microsoft 365, Google Workspace
  • Authentication: Email, SMS, or two-factor options

Use integrations to route executed agreements to the title company, lender, and broker management system; ensure the platform captures an audit trail, timestamps, and secure storage in line with regulatory and file-retention requirements.

Where to Send the Executed Agreement

After signatures are complete, distribute the final agreement and exhibits to the parties and service providers who need it for closing and recording.

  • Provide to Seller: Send executed copy to seller or seller’s agent
  • Deliver to Broker: Broker retains transaction copy for compliance file
  • Send to Lender: Lender reviews terms for underwriting and loan approval
  • Upload to Title: Title company receives contract and supporting documents

Essential Information and Fields Required on the Form

Buyer Name: Full legal name as on ID
Seller Name: Full legal name as on ID
Property Address: Street, city, state, ZIP
Legal Description: Subdivision, lot, and parcel info
Purchase Price: Numeric amount with currency symbol
Closing Date: MM/DD/YYYY format required

Common Preparation Pitfalls to Watch For

  • Relying on a street address rather than the recorded legal description often delays title search and deed preparation; always include the recorded legal description.
  • Failing to specify who holds earnest money and the refund conditions can lead to disputes and contested releases from escrow.
  • Vague contingency deadlines or ambiguous cure periods create uncertainty and raise the risk of contract termination or litigation.
  • Accepting signatures from an agent without attaching valid power of attorney or authorization documentation can invalidate acceptance and delay closing.

Consequences of Errors or Omissions

Incorrect Description: Clouds title, delays recording
Missing Signatures: May invalidate agreement
Open Contingencies: Allows contract termination
Disclosure Failures: Expose seller to litigation
Earnest Mishandling: Forfeiture or escrow disputes
Late Closing: Possible breach and damages

Typical Deadlines and Timeframes in the Agreement

Standard contractual deadlines govern offer validity, inspection timeframes, financing approvals, title objections, and the final closing date.

Offer Expiration:

Specified by buyer; commonly 24–72 hours

Inspection Period:

Often 7–15 days per the agreement

Financing Deadline:

Date by which lender approval is required

Title Review Deadline:

Time allowed for buyer’s title objections

Closing Date:

The agreed date for funds and deed transfer

Key Transaction Milestones from Offer to Recording

Sequential milestones from offer through closing clarify responsibilities, trigger contingency timelines, and set escrow and title review periods for all parties involved in the transaction.

01

Offer Submission

Buyer delivers signed offer and earnest money to seller or escrow

02

Acceptance

Seller signs to accept or counteroffer; acceptance creates a binding contract

03

Contingency Resolution

Inspections, appraisals, and financing must be satisfied or waived

04

Closing and Recording

Funds transfer, deed executed, and title recorded at county office

eSignature Vendor Comparison for Executing Purchase Agreements

Feature and price comparison for common eSignature providers when signing residential purchase agreements; signNow appears first in the table per ordering guidelines.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No envelope cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Real-world Examples of Online Execution

Examples show how organizations use digital signing to speed transaction turnaround and maintain compliance in real estate workflows.

Martin Properties

Martin Properties adopted online signing for residential offers to shorten turnaround and reduce in-person steps.

  • Reduced local closing delays and mobile signing adoption accelerated deal timelines.
  • "I can process and execute all of these documents online with 100% compliance and built-in security. Whether on mobile or working offline, I can get forms back to their necessary parties efficiently."

Optica Ventures LLC

Optica Ventures replaced paper routing with digital workflows to improve buyer response rates.

  • Bulk routing and templates reduced repetitive entry.
  • "The interface is simple and easy-to-use for our team; more importantly, it is just as easy for our customers."

Frequently Asked Questions and Troubleshooting

Answers to common questions about enforceability, notarization, correcting errors, and electronic signing of the Minnesota purchase agreement.


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