SF 5122

as introduced - 93rd Legislature (2023 - 2024) Posted on 04/19/2024 10:06am

A bill for an act
relating to housing; prohibiting sellers of single-family homes from accepting
offers from persons other than owner-occupants, nonprofit organizations, or
government entities for the first 14 days of the listing; proposing coding for new
law in Minnesota Statutes, chapter 500.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [500.40] SINGLE-FAMILY RESIDENCE SALE; PROHIBITION ON
ACCEPTANCE OF CERTAIN BIDS FOR 30 DAYS.
new text end

new text begin (a) Notwithstanding any law to the contrary, a seller, or an agent representing the seller,
who lists a single-family residence for sale must not accept an offer to purchase the residence
from any person for the first 14 days of the listing, other than from:
new text end

new text begin (1) a natural person who intends to be an occupant of the residence;
new text end

new text begin (2) a nonprofit organized under chapter 317A; or
new text end

new text begin (3) a government entity, as defined in section 13.02, subdivision 7a.
new text end

new text begin (b) For purposes of this section, "single-family residence" means a free-standing
single-dwelling residential structure intended for occupancy by at least one owner.
new text end