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525.642 Terms of sale.

The court may order a sale of real estate for cash, part cash and a purchase-money mortgage of not more than 50 percent of the purchase price, or on contract for deed. The initial payment under a sale on contract shall not be less than ten percent of the total purchase price, and the unpaid purchase price shall bear interest at a rate of not less than four percent per annum and shall be payable in reasonable monthly, quarterly, semiannual, or annual payments, and the final installment shall become due and payable not later than ten years from the date of the contract. Such contract shall provide for conveyance by quitclaim deed, which deed shall be executed and delivered upon full performance of the contract without further order of the court. In the event of termination of the interest of the purchaser and assigns in such contract, the real estate may be resold under the original order and a reappraisal within three months preceding the sale. A sale of the vendor's interest in real estate sold by the guardian or conservator on contract may be made under order of the court, with or without notice, upon an appraisal of such interest within three months preceding the sale; no such sale shall be made for less than its value as fixed by such appraisal.

HIST: (8992-149) 1935 c 72 s 149; 1937 c 435 s 19; 1975 c 347 s 122; 1986 c 444

Official Publication of the State of Minnesota
Revisor of Statutes