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51 Mitchell Hamline L. Rev. 1 (2024-2025)

handle is hein.journals/wmitch51 and id is 1 raw text is: MINNESOTA REBALANCES LONG-STANDING CONTRACT-FOR-DEED LAWS Larry M. Wertheim* TABLE OF CONTENTS IN TRO D U CTIO N .................................................................................. . . 2 I. REQUIRED RECORDING OF RESIDENTIAL CONTRACTS FOR DEED .6 A. Contract-for-Deed Sellers Should Record the Contract to Ensure Protection of the Purchaser's Interest.................................... 6 B. Prior Law Regarding Recording Contracts for Deed .............9 C. New Legislation Mandates Seller's Recording of Residential Contract for Deed ......................................................................10 D. Evidencing Exemption from the Recording Provisions for Nonresidential Contracts for Deed ............................................12 II. RESIDENTIAL CONTRACT-FOR-DEED PURCHASER TRANSFERS EXEMPTED FROM ANTI-ASSIGNMENT CLAUSES...........................13 A. Transfers Exempted from Anti-Assignment Clauses in Residential Contracts for D eed ..................................................13 B. Prohibition on Contract-for-Deed Anti-Assignment Clauses Inapplicable to Family Farms ....................................................16 III. DISCLOSURE, ANTICHURNING, DUE-ON-SALE PROTECTIONS, AND REMEDIES FOR RESIDENTIAL REAL PROPERTY PURCHASERS FROM INVESTOR SELLERS ..........................................................................19 A . Prior M ultiple-Seller Statute.....................................................21 B. N ew Investor-Seller Concept .....................................................21 C. New Disclosures by Investor Sellers .........................................24 D. Protection Against Mortgage Due-on-Sale Clauses..................26 E. Prohibition on Churning ...........................................................28 F. Remedies for Violations by an Investor Seller ...........................30 G. Changes in the Law of Statutory Cancellation..........................32 * Larry M. Wertheim, A.B. 1971, University of California, Berkeley, M.A. 1973, University of Wisconsin, Madison, J.D. 1976, University of Minnesota, is a shareholder in Kennedy & Graven, Chtd., Minneapolis, Minnesota. He is the edi- tor of Minnesota Practice Series: Real Estate Law, Vol. 25 and author of the contract- for-deed chapter. He is a Certified Real Property Specialist and a member of the American College of Real Estate Lawyers. He previously authored articles in the William Mitchell Law Review on contracts for deed and was an Adjunct Professor of Law at William Mitchell College of Law and at Hamline University College of Law. He was instrumental in crafting the 2024 contract-for-deed legislation. 1

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