Most buyers and sellers of residential real estate in Minnesota sign the Minnesota Standard Residential Purchase Agreement. This is a “fill in the blanks” form that covers most situations involving the sale of residential real estate.
In certain situations, it is appropriate for the standard purchase agreement to include addendums. Addendums are also standard “fill in the blanks” forms that supplement the purchase agreement to address particular situations.
Addendums generally cover four areas: financing, disclosures and contingencies, title issues, and common interest communities.
The most common addendums are a financing contingency, a contingency for the sale of the buyer’s home, a buyer’s home inspection contingency, and a disclosure of sewage treatment system when the property has a septic system.
Purchase agreement addendums:
1. Financing Addendum for Conventional/Privately Insured Mortgage;
2. Financing Addendum for FHA Insured Mortgage;
3. Financing Addendum for VA Insured Mortgage;
4. Financing Addendum for Seller Mortgage;
5. Financing Addendum for Contract for Deed;
6. Financing Addendum for Assumptions;
7. Addendum to Purchase Agreement: Wetlands, Shore Land, and Flood Plain Disclosure;
8. Addendum for Contingent Sale or Purchase of Other Home;
9. Lead Paint Addendum for Housing Constructed before 1978;
10. Disclosure of Sewage Treatment System;
11. Condition of Property; 10. Addition to Purchase Agreement: Survey, Appraisal, Development Evaluation, Archaeological/Historical Survey;
12. Buyer’s Home Inspection Contingency;
13. Well Disclosure Statement;
14. Methamphetamine Disclosure Statement;
15. Addendum to Purchase Agreement: Title Issues;
16. Addendum to Purchase Agreement: Tenants and Parties in Possession;
17. Addendum to Purchase Agreement: Common Interest Community.