There is no Minnesota Purchase Agreement governmental standard. However, you can find various forms online to help you create a template for your specific purchase. You will want a lawyer to look over purchase agreements made for significant investments.
Contents hideA purchase agreement is legally binding once the buyer and seller have agreed on terms and the seller has accepted the offer.
A Minnesota real estate purchase agreement formalizes an offer from the buyer to purchase the seller’s real estate. This is a binding legal contract once the offer is accepted.
Minnesota state laws require the seller to provide a disclosure of any known defects the residence has. In addition, the Minnesota Attorney General puts out a helpful Home Buyer’s Handbook that can help answer questions a buyer may have regarding purchasing a home.
In addition to a refundable earnest payment, the purchase agreement should at least include:
When buying a Minnesota business, you will either make an asset purchase or an equity-based purchase. With an asset purchase, only the seller’s assets are sold instead of an equity-based investment in which the company’s full ownership of the stock, membership units, or partnership interests are sold.
All business purchase agreements will have the following information, in addition to the details necessary for the specific agreement (asset vs. equity/stock):
A Minnesota Asset Purchase Agreement will include the standard business details and which assets and liabilities the buyer is taking on. Include items such as:
A Minnesota land purchase agreement is a legally binding document used to transfer land ownership between a buyer and seller.
The purchase agreement should include all relevant details, including:
A Minnesota stock purchase agreement is used to take full ownership of a company; this includes all assets and liabilities.
Beyond standard business details, included in a stock purchase agreement are:
Any purchase agreement should at least include:
There are other details that the purchase agreement may require depending on what is sold.
This may include information on a down payment, warranties, consequences of default, and legally required disclosures.
Does a purchase agreement need to be notarized in Minnesota?No. Once the buyer and seller agree and the offer is accepted, the agreement is binding and does not require a notary.