The rule
Minn. Stat. 82.71 subd. 2
Read the source · Source dated 2024
How this works in practice
In Minnesota, the terms of an offer can't be shared with another buyer until that offer has been presented to the seller. Once the seller has seen it, the seller can authorize sharing the price with the other buyers.
Buyers should be told that their offer price may be shown to other invited buyers after the seller has received it, and not before.
Avoid sharing an offer's price in the gap between receiving it and presenting it to the seller, including informally by phone or text. Recording when each offer reaches the seller keeps the order documented.
Running an offer round in Minnesota
In a BindingOffers round every offer is timestamped and passed to the seller, the seller signs a disclosure consent before the round goes live, and every buyer agrees that their offer price may be shown before they can submit.
Run your first round free