It seems that the Minnesota State forms for real estate transactions are updated every year and then go through more major revisions every other year. Effective August 1st, several new changes will take effect for purchase agreements and disclosures.
Perhaps the most important thing that has changed is a clarification about “business days” and how they are counted. With real estate transactions, there are deadlines that must be met otherwise the contract is to be cancelled. There are times where agents and the principals in the transaction don’t exactly agree as to when the business day count starts and when it expires. For example, there may be an inspection contingency that has 5 business days to complete from the date of Final Acceptance. The new forms now clearly articulate that the business day count is defined as “the first day following the occurance of the event specified and including subsequent calendar days which are not a Saturday, Sunday or a state or federal holiday unless stated elsewhere by the parties in writing. The deadline expires at midnight on the last day.”
This is definitely inside baseball for real estate agents, but for those who want to read all the changes, the 15 page pdf is linked here.