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It’s not unusual for a home appraisal to come in lower than expected, even if the buyer and the seller agreed on the purchase price and the lender had preapproved a loan based on that price. Lenders often approve loans based on preliminary information, but the final...
There are many moving parts in a real estate transaction, and it’s easy to overlook some crucial steps. Most buyers focus on the big, visible milestones, such as getting pre-approved, making an offer and waiting for closing. While those are important, some seemingly...
Unexpected issues can turn the excitement of buying a home into a stressful ordeal. Maybe an inspection uncovers hidden problems, your financing falls through or the appraisal comes in lower than expected. Without the necessary protections in place, these unforeseen...
Easements can affect the value or use of real property. When there is an easement on record for a property's title, another party has the right to access the property or possibly the resources on the parcel. Utility companies and neighbors are among the parties likely...
Owning property in Minneapolis opens a world of opportunities, but it also comes with important decisions. Should you lease it as a residential space or a commercial one? The choice affects more than just the type of tenant you will attract. It is about understanding...
Whether you are buying a new home or office space for your company, purchasing real estate is a significant investment. There are plenty of things that can go wrong if you do not conduct due diligence. Here are some important things to consider before signing off on...
Real estate transactions are often complex, and situations may arise where a buyer or seller wants to back out of a purchase agreement. However, canceling such an agreement isn’t straightforward. Below, we explore the circumstances under which a real estate purchase...
In Minnesota, for property damage claims involving fire, hail, wind, and other similar types of damage, to recover for the damage or loss, a suit or action must be brought within two years from when the damage or date of loss occurs (unless your policy states a...
Homeowner Associations now have a new reporting requirement. As of January 1, 2024, Associations need to start identifying the “beneficial owners” of their Associations, as defined under the Corporate Transparency Act (“CTA”) (31 U.S.C. § 5336). This new law requires certain entities or “reporting companies” to report information about the “beneficial owners,” the corporation, and company applicants to the Financial Crimes Enforcement Network of the U.S. Treasury (FinCEN).
Purchasing a piece of real estate is a significant investment that requires careful consideration and due diligence, especially when it comes to ensuring a clear and marketable title. A defective title could lead to unforeseen legal and financial consequences for a...
