SF 171

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to consumer protection; regulating 
  1.3             residential real estate transactions; requiring 
  1.4             closing agents to file certain documents; requiring 
  1.5             certain disclosures to prospective purchasers; 
  1.6             amending Minnesota Statutes 1998, section 325F.69, by 
  1.7             adding a subdivision; proposing coding for new law in 
  1.8             Minnesota Statutes, chapter 82. 
  1.9   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.10     Section 1.  [82.198] [CLOSING AGENT; REPORTING TO COUNTY 
  1.11  OFFICE.] 
  1.12     A closing agent shall deliver to the appropriate county 
  1.13  office within 20 days of the closing of a residential real 
  1.14  estate transaction, the deed, mortgage, assignment of mortgage, 
  1.15  if any, and certificate of real estate value. 
  1.16     Sec. 2.  Minnesota Statutes 1998, section 325F.69, is 
  1.17  amended by adding a subdivision to read: 
  1.18     Subd. 6.  [DISCLOSURE OF PRIOR SALE OF HOME.] A person who 
  1.19  offers residential real estate for sale shall disclose to a 
  1.20  prospective purchaser, in a clear and conspicuous manner in the 
  1.21  purchase agreement:  (1) the purchase price with regard to any 
  1.22  sale of the same residential real estate within the previous six 
  1.23  months; and (2) the estimated market value used to determine 
  1.24  property taxes payable in the current year.  For purposes of 
  1.25  this subdivision, "residential real estate" means property 
  1.26  occupied by, or intended to be occupied by, one to four families 
  1.27  as their residence.