Frequently Asked Questions
Personal Property

The Minnesota Association of REALTORS^® (MNAR) has chosen not to offer a separate Personal Property Addendum to the MNAR Purchase Agreement. The best way to ensure the buyer's lender is aware of those personal property items being transferred with the real property is by documenting it directly in the Purchase Agreement. Therefore, all personal property the buyer and seller agree to be transferred with the real property, and the buyer intends to obtain financing for, should be identified on the first page of the Purchase Agreement.

In the event the lender is refusing to lend on personal property items, demanding removal of the items from the Purchase Agreement, then REALTORS^® should assist buyers and sellers to contract for these items separately through a separate personal property agreement or bill of sale to ensure that ownership to these items are transferred and the fair market value of the personal property being sold is properly documented.

The MNAR does not offer a standard personal property agreement or bill of sale. Therefore licensees should check with their broker or corporate legal counsel for guidance.