2005 Minnesota Statutes

     16B.284 Contract for deed and quitclaim deed. 

    In the event a purchaser elects to purchase surplus real 
 property on an installment basis, the commissioner shall enter 
 into a contract for deed with the purchaser, in which shall be 
 set forth the description of the real property sold and the 
 price of the property, the consideration paid and to be paid for 
 the property, the rate of interest, and time and terms of 
 payment.  The 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 the failure, is entirely void and of no 
 effect and the state may be repossessed of the lot or tract and 
 may resell the lot or tract as provided in sections 16B.281 to 
 16B.287.  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 shall sign and cause 
 to be issued a quitclaim deed on behalf of the state.  The 
 quitclaim deed shall be in a form prescribed by the attorney 
 general and shall vest in the purchaser all of the state's 
 interest in the subject property except as provided in section 
 16B.286. 

    HIST: 2004 c 262 art 1 s 5