Minnesota Administrative Rules
1651.0031 SELLER ELIGIBILITY.
To qualify as an eligible seller under the program, a seller must meet the following criteria:
A.
a seller must be in compliance with Minnesota Statutes, section 500.24, and selling a farm located within Minnesota;
B.
the seller must complete a seller-assisted loan commitment form certifying that the seller will partially finance the purchase of the farm property by making a loan to the borrower;
C.
the seller's loan to the borrower must be for the additional required financing necessary to complete the transaction after the down payment, if any;
D.
the seller's financing made to the borrower must be subordinated to the first mortgage loan of the lender in which the RFA is a participant; and
E.
the seller must disclose all of the terms and conditions of the seller-assisted sale in a written purchase agreement to be given to the lender at the time of application.
History:
20 SR 2251(NO. 42); 30 SR 372
Published Electronically:
October 26, 2005
Official Publication of the State of Minnesota
Revisor of Statutes