Minnesota Residential Lease Agreement Form
- 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.
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)).