Search results for: “Minnesota”
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A Minnesota First: Twin Cities Suburb Requires Removal of Race-Based Deed Restrictions
Mounds View, Minnesota is making history with its new ordinance requiring home sellers to remove race-based deed restrictions before selling. Mounds View adopted its new ordinance on July 23, 2024. It’s official. Mounds View, a Minneapolis – St. Paul suburb, will now require the removal of racially restrictive covenants from deeds. Racial covenants (a.k.a. race-based…
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Risky Business? Minnesota Home Buyers Skip the Mortgage, Preferring Contracts for Deed
Land contract financing, a.k.a. the contract for deed, is a go-to method of home buying in Minnesota — especially in urban neighborhoods. These contracts allow homeowners to sell directly to buyers, bypassing the scrutiny of a mortgage lender. Each year, thousands of Minnesota buyers use them to finance their home purchases. Federal lawmakers across the…
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Minnesota Probate: Transfers of Real Property
Probate is the legal process of settling a person’s estate after he or she has died, including distributing the decedent’s property to those entitled to receive it. Regardless of whether the decedent left a will, all property (real and personal) owned by the decedent individually or as a tenant in common is subject to probate.…
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Guide to Affidavit of Trustee Documents in Minnesota
The affidavit of trustee for real property transactions is codified at Minn. Stat. § 501C.1014. It contains sworn statements made by a trustee regarding the trust which they are representing and their authority to enter into the transaction affecting the real property described in the affidavit.
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Social Capital: What’s the Deal With Senior Co-ops?
Many people talk about living in a retirement community at some point in their post-retirement journey. But what’s out there for middle-income seniors who (a) aren’t positioned to pay a fortune for housing, and (b) don’t need constant nursing care? Some seniors, looking for a frugal and socially appealing alternative to life plan communities, opt…
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These states are struggling with housing payments more than others, new study finds
Rent is due: Study reveals where Americans are falling behind on housing payments Housing affordability is reaching crisis levels in many parts of the United States, and a growing number of Americans are finding it hard to keep up with their housing costs. Whether it’s soaring rents or overdue mortgages, the struggle to stay current…
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These are the states where you can get the largest home for your money, according to new study
Home sweet (and spacious) home: New study reveals where buyers can get the best deals per square foot In recent years, homes have been shrinking as the housing market tightens. A limited supply of available homes, combined with sky-high demand, has driven prices to levels many would call out of reach. However, not all states…
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Bam! Deed Holder in Home Equity Theft Case Gets Help From U.S. Supreme Court
After the Supremes stepped in, Kevin Fair recovered the deed he lost to foreclosure — over a $588 debt. A Nebraskan got a gift during Christmas week: the return of his house deed. Kevin and his late spouse Terry Fair lived in one home for 25 years. It was paid off. The Fairs had always…
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End-of-Year Checkup: Don’t Miss Your Deadline to Apply for Property Tax Rebates
Paying property tax isn’t getting easier. Taxable home values have shot up. Home equity appreciation is nice, but it also comes with a downside: higher taxes. Let’s not miss any rebates that could be available for the asking.
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St. Louis County Deed Holders: Submit Your Property Tax Freeze Application Now
St. Louis County’s senior property tax freeze has begun. Rejoice! The program halts real estate property tax increases for eligible seniors. From now until June 30, 2025, you may submit the online application that covers 2024. You’re eligible for this money-saving initiative if you: Of course, you can only claim your Senior Property Tax Credit…
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As Asheville Recovers, Home Buyers Rethink the Whole “Climate Haven” Idea
Asheville, a quaint and popular North Carolina town, has long been known for its welcoming atmosphere and a mild, inviting climate. Indeed, a public radio station once showcased Asheville as winning the real estate stakes of an unsettled climate. It’s now well understood that tropical storms get supercharged by human-driven effects on the atmosphere’s temperatures.…
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Training Algorithms to Fix Rents? That’s Illegal, Justice Department Tells Software Company
You’re renting, and saving up to buy. You’d like to hold the deed to your home. You crave an opportunity to “get on the ladder” and build wealth through home equity. And you’ve had it up to here with rent hikes. You’ve read up on inflation. You regularly check in on mortgage interest rates. The…
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Federal Update: New Contract for Deed Rules
Contracts for deed – sometimes called installment contracts, land sales contracts, or owner carry – leave the deed until the borrower pays for the home in full. Until then, the borrower lives in and maintains the home. This is a type of seller-financed home sale – and it’s one way to avoid getting entangled with…
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Real Estate, Meet the Bots. Not Everyone’s Amused.
Digs, a purveyor of software for home builders and managers, is doing what many companies are doing these days. It’s revving up the artificial intelligence (AI) tools on its platform. With Digs, home builders and deed holders collaborate and store information. They make digital twins to simulate touring or working in the actual homes. Builders,…
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Seniors’ Advocates Urge States to Ban Predatory ‘Cash for Listing’ Contracts
States are outlawing listing agreements that bind homeowners to specific companies to sell their homes in the future. In the last two years, 30 states have acted to prevent businesses from taking control of people’s property by recording brokers’ contracts against their deeds. The agreements can result in restrictions, liens, or even stealth mortgages recorded…
