Bill > HF1792

This bill modifies Minnesota's laws related to contracts for deed, focusing primarily on defining and regulating "investor sellers" in real estate transactions. The bill introduces a new definition of "family member" to include a wide range of relatives and makes technical changes to how investor sellers are identified and regulated. Key provisions include prohibiting "churning" (repeatedly executing and terminating contracts for deed), requiring investor sellers to disclose the purchase price and acquisition date of a property, and establishing conditions under which a seller is or is not considered an investor seller. For example, an investor seller does not include individuals who have owned and occupied a property as their primary residence for at least 12 months, family members selling to each other, certain financial institutions, or state agencies. The bill also modifies the notice and termination procedures for contracts for deed, ensuring more transparency and protection for purchasers. Most of these changes will become effective on August 1, 2025, giving stakeholders time to understand and adapt to the new regulations. The overall aim appears to be preventing predatory real estate practices and providing clearer guidelines for contract for deed transactions.

Government Affairs, Justice

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1792&ssn=0&y=2025