Minnesota SF505 modifies the definition of "investor seller" and adds disclosure requirements for contracts for deed.

Minnesota SF505 amends the definition of "investor seller" to include those who frequently execute and terminate contracts for deed. It also requires investor sellers to disclose the purchase price and acquisition date of the property unless the acquisition occurred more than two years prior to the contract for deed. The bill defines "family member" broadly to include various relatives and entities controlled by these relatives. It also prohibits "churning" by investor sellers and mandates a 90-day notice period for terminating contracts for deed executed by investor sellers.

Minnesota SF505 modifies the definition of "investor seller" and adds disclosure requirements for contracts for deed.

Minnesota SF505 amends the definition of "investor seller" to include those who frequently execute and terminate contracts for deed. It also requires investor sellers to disclose the purchase price and acquisition date of the property unless the acquisition occurred more than two years prior to the contract for deed. The bill defines "family member" broadly to include various relatives and entities controlled by these relatives. It also prohibits "churning" by investor sellers and mandates a 90-day notice period for terminating contracts for deed executed by investor sellers.