(a) No contract for deed or deed conveying fee title to real estate or affidavit of survivorship shall be recorded by the county recorder or registered by the registrar of titles until the name and address of the person to whom future tax statements should be sent, is printed, typewritten, stamped or written on it in a legible manner. An instrument complies with this subdivision if it contains a statement in the following form: "Tax statements for the real property described in this instrument should be sent to:
............... (legal name of grantee) ............... (residential or business address)."
(b) The name provided under paragraph (a) must be the legal name of the grantee and the address must be the residential or business address of the grantee.
Subdivision 1 does not apply to any instrument executed before January 1, 1972, nor to a decree, order, judgment or writ of any court, a will or death record, a transfer on death deed or clearance certificate under section 507.071, nor to any instrument executed or acknowledged outside the state.
The validity and effect of the record of any instrument in the office of the county recorder or registrar of titles shall not be lessened or impaired by the fact it does not comply with subdivision 1.