After showing some properties in and around the Twin Cities the other day, something came up that not to many people are aware of, ‘Truth in Housing Report’.
What is it and what does it mean?
Some cities in or around the Minneapolis/St. Paul real estate market require an pre-inspection of the property to give prospective buyers an idea of the true condition of the property. Generally you will find cities that have older housing stock require a truth in sale of housing to help keep the housing at quality level. Depending on what the city requires there are certain repairs that have to be made before the title of the property can be transferred.
Who pays for the inspection?
The seller of the property has to pay for the inspection. Some cities have inspectors that will perform the the truth in housing or there are independent 3rd party inspectors that will also perform the inspection. Expect costs to range from $100-$300 depending on what needs to be done for the inspections.
Here is a list of cities in the Twin Cities area that require a truth in housing report before the transfer of property occurs.
In a nut shell
It’s always best to check with the city you reside in to find out if that particular city requires a truth in housing report. It’s also important to understand that the truth in housing is only a disclosure and nothing more. The inspection is not extensive and is only meant to disclose to the buyer the condition of the fixtures and dwelling at the time of first glance. Make sure the report is available to prospective buyers at all times, the fines are kinda hefty.
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