Minnesota Residential Lease Agreement Form
With its many lakes and forests, Minnesota is a nature lover’s dream state. People interested in renting a place in the Land of 10,000 Lakes need to know more about the Minnesota Residential Lease Agreement Form.
A residential lease agreement form is a contract between the landlord and tenant regarding the use of a residential real estate like an apartment. However, before the parties discuss the lease, the prospective tenant needs to be chosen from other candidates who have expressed their interest with a rental application form.
Different from a lease agreement, a Minnesota rental application form is a document that shows an applicant’s capacity to pay rent. The landlord has the right to verify the information stated in the form to ensure that the applicant can afford rent and pay it on time. The landlord and tenant will discuss the lease when the application is approved.
After a lease application is approved, the lease agreement details the responsibilities of both parties. The main duty of the tenant is to pay rent on time, which is usually on the first of the month unless both parties decide on another date. The duty of the landlord is to ensure that the unit is livable and without damage.
Required Disclosures
- Lead-Based Paint Disclosure - The U.S. banned lead-based paint in 1978, so if the residential property was built before then, the structure may have been painted with lead-based material. It is the landlord’s duty to provide the tenant with educational materials on the health hazards of lead-based paint (Lead-Based Paint Disclosure Rule (Section 1018 of Title X)).
- Tenant’s Rights Disclosure - The landlord should inform the tenant of their rights. Moreover, the landlord should provide the tenant with access to the Landlords and Tenants: Rights and Responsibilities handbook (MN Stat § 504B.181 (2021)).
- Foreclosure Disclosure - The landlord must disclose if there is a foreclosure order on the building where the rental unit is situated. The disclosure should be made before the lease is signed or before the landlord accepts rent or a security deposit (MN Stat § 504B.151 (2021)).
Rent Grace Period
There is no statute on the rent grace period in Minnesota. The state also doesn’t provide standard guidelines on collecting late fees. However, the landlord may charge a late fee as long as it is stipulated in the residential lease agreement form. The fee should not be more than 8% of the rent owed.
Security Deposits
There is no statute on the amount that Minnesota landlords can collect as a security deposit. Landlords who collect security deposits are obligated to issue a receipt to their tenants after receiving it. The amount should be deposited in an interest-bearing account with a minimum interest rate of 1% per annum.
When the lease ends, the landlord must give back the security deposit, along with the accrued interest, to the tenant within three weeks. The landlord may withhold the security deposit or part of it. Unpaid rent, damage beyond the normal wear and tear, and breach of the lease agreement are reasons for withholding the deposit.
Should the landlord withhold the deposit or even part of it, the landlord must provide an itemized list of the deductions and simple reasons why each item needs to be covered by the security deposit (MN Stat § 504B.178 (2021)).