Which document must be signed by both parties to finalize a real estate transaction in Minnesota?

In a real estate transaction in Minnesota, the purchase agreement is the document that must be signed by both parties to finalize the transaction. This agreement serves as a legally binding contract that outlines the terms and conditions under which the property will be sold. It includes critical details such as the purchase price, financing arrangements, and contingencies that must be met for the sale to proceed.

The purchase agreement is essential not just for formalizing the intent of both parties but also for establishing the rights and responsibilities involved in the transaction. Once both parties sign this agreement, they are obligated to follow through with the transaction under the outlined terms.

Other options, like a bill of sale or a deed of trust, while important in different contexts, do not serve as the primary document that finalizes a real estate sale between a buyer and seller. A title report is crucial for due diligence and ensuring there are no liens or encumbrances on the property, but it does not require signatures from both parties to validate the transaction itself.