Minneapolis Real Estate | Truth In Housing
If you're getting ready to sell Minneapolis real estate then you'll likely have to have a Truth In Housing (also called a TISH for 'Truth In Sale of Housing.) The types of properties and sales below are covered by the ordinance:
Types of residence | Types of sales |
Single-family houses Duplexes Townhouses First-time condo conversions |
Sale by owner Sale by real estate agent Real estate agent-assisted sale Contract-for-deed Other title transfer |
Note that Minneapolis condos do not requite a Truth In Housing inspection.
A Truth In Housing inspection is done to ensure that homes meet a minimum standard. It is different and not as thorough as a buyer inspection. A couple important things you need to know about the inspection:
- It's recommended that you have the inspection done a few weeks before you plan on listing the home.
- If there are RR's (Required Repairs) we generally recommend that the seller have them completed.
- RR's can be passed onto the buyer. If the buyer agrees to assume the repairs they'll have to sign an Acknowledgement of Responsibility form and the repairs will have to be completed within 90 days of the sale.
- A copy of the Truth In Housing must be kept in the property for buyers to review.
- The Truth In Housing for Minneapolis real estate MUST be done by a licensed evaluator.
- The cost runs typically from $150-$250 depending on the company and size of home.
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