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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 …
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. …
Continue reading “Minnesota Probate: Transfers of Real Property”
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.
There are two different ways of owning and indexing real property in Minnesota: Abstract Title and Torrens (Registered). Registered land is more common around the Twin Cities area, while rural counties have more Abstract land. The Torrens System has been used to promote land development, but it is still not widely used in the United …
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The city of Baltimore plans to record all its 13,000+ empty houses and townhouses on the blockchain. And it all started with Ebony Thompson’s class project.
Real estate transactions involve large money transfers. Creative swindlers love those. And now, progress in artificial intelligence (AI) brings new opportunities for real estate fraud. Shady actors are using real people’s voice or image samples to create recordings and persuade buyers and sellers to respond to questions with key information. Then the scammers hijack the …
Continue reading “Now It’s the Deepfakes. Protect Deeds and Accounts From AI-Generated Imposters”
Most home buyers get a mortgage loan to finance the purchase. And for most people, the mortgage servicing company holds some of the owner’s payment in escrow, and pays property taxes out of that account on behalf of the borrower as long as the mortgage exists. But what if the mortgage servicer lets a tax …
Continue reading “Mortgage Company Paying Your Property Taxes Out of Escrow? Check.”
Self-driving cars are becoming a real thing. As they rise in popularity, they’re likely to shake up the way we move, the way we cope with age and disability, and the way things look and feel in our cities and suburbs. How? First, let’s distinguish between the actual developments and the hype in the self-driving …
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For some seniors and people with disabilities, property taxes can feel like the proverbial last straw on the camel’s back. On the other hand, local governments need funding. They tax their residents to fund resources like emergency response departments, schools, and libraries. How much will you owe in property taxes? It depends on what your …
Continue reading “Property Tax Breaks for Older Homeowners (New Changes for NJ, PA, and MD Seniors)”
Caught in a housing crunch, Duluth, Minnesota recently changed its rules to encourage the construction of tiny homes. Until 2020, developers in Minnesota couldn’t even build houses smaller than 400 square feet. This has changed. In multiple New England cities, too, policy makers are warming up to smaller houses. Indeed, this is happening all across …
Continue reading “Could Tiny Houses Help People Become Homeowners?”