2003 Minnesota Statutes

     94.12 Contract for deed and quitclaim deed. 

    In the event a purchaser elects to purchase surplus real 
 property on an installment basis, the commissioner of 
 administration shall enter into a contract for deed with the 
 purchaser thereof in which shall be set forth the description of 
 the real property sold and the price thereof, the consideration 
 paid and to be paid therefor, the rate of interest, and time and 
 terms of payment.  This contract for deed shall be made 
 assignable and shall further set forth that in case of the 
 nonpayment of the annual principal or interest payment due by 
 the purchaser, or any person claiming under the purchaser, then 
 the contract for deed, from the time of such failure, will be 
 entirely void and of no effect and the state may be repossessed 
 of the lot or tract and may resell the same as provided in 
 sections 94.09 to 94.16.  In the event the terms and conditions 
 of a contract for deed are completely fulfilled or if a 
 purchaser makes a lump sum payment for the subject property in 
 lieu of entering into a contract for deed, the commissioner of 
 administration, shall sign and cause to be issued a quitclaim 
 deed on behalf of the state.  Said quitclaim deed shall be in a 
 form prescribed by the attorney general and shall vest in 
 purchaser all of the state's interest in the subject property 
 except as provided in section 94.14.  

    HIST: (6445) 1909 c 452 s 4; 1957 c 861 s 5; 1969 c 897 s 4; 
 1974 c 260 s 5; 1986 c 444; 1988 c 613 s 19