Difference between revisions of "MN Underwriting Summary"
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==Vesting== | ==Vesting== | ||
Tenancy in Common and Joint Tenancy Only. | Tenancy in Common and Joint Tenancy Only. | ||
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Transfer to two or more parties is presumed to be tenancy in common Minn Stat [https://www.revisor.mn.gov/statutes/cite/500.19 500.19] subd 2 | Transfer to two or more parties is presumed to be tenancy in common Minn Stat [https://www.revisor.mn.gov/statutes/cite/500.19 500.19] subd 2 | ||
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Tenancy by the Entirety is no longer recognized in Minnesota | Tenancy by the Entirety is no longer recognized in Minnesota | ||
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The language “as joint tenants” is sufficient to create a survivorship right in Minnesota. It is not necessary spell out “with right of survivorship” there the way it is any many states. | The language “as joint tenants” is sufficient to create a survivorship right in Minnesota. It is not necessary spell out “with right of survivorship” there the way it is any many states. | ||
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Minnesota has by statute deviated from the common law and allows the creation of a joint tenancy without satisfying the common law unities of unity of time, title, interest, and possession. Minn Stat [https://www.revisor.mn.gov/statutes/cite/500.19 500.19] subd 3. | Minnesota has by statute deviated from the common law and allows the creation of a joint tenancy without satisfying the common law unities of unity of time, title, interest, and possession. Minn Stat [https://www.revisor.mn.gov/statutes/cite/500.19 500.19] subd 3. | ||
Revision as of 08:33, 26 January 2021
Contents
Search/Exam
UPL
Vesting
Tenancy in Common and Joint Tenancy Only.
Transfer to two or more parties is presumed to be tenancy in common Minn Stat 500.19 subd 2
Tenancy by the Entirety is no longer recognized in Minnesota
The language “as joint tenants” is sufficient to create a survivorship right in Minnesota. It is not necessary spell out “with right of survivorship” there the way it is any many states.
Minnesota has by statute deviated from the common law and allows the creation of a joint tenancy without satisfying the common law unities of unity of time, title, interest, and possession. Minn Stat 500.19 subd 3.
Divorce or recorded notice of severance may terminate the Joint Tenancy.
Property Tax
Mortgage/Transfer Tax
Spousal Joinder Requirements/Homestead
No conveyance of homestead property is valid without the joinder of the non-titled spouse. Minn Stat. 507.02
Power Of Attorney
Construction Liens
Foreclosure Review
Instrument Requirements
Who May Serve As Trustee On Deed Of Trust
Time Limitations
- US Judgment Liens 20 years, renewable for 20 years
- State Court Judgment Liens
- Federal Tax Liens 10 years (+30 days); can be refiled
- State Tax Liens
- Estate Tax Lien Federal 10 years
- State Inheritance Tax Liens
- Mechanics Liens
- Financing Statements 5 years
- Mortgages
- HOA Liens
- Condominium assessments
