Lakeville

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Title companies, lenders, real estate agents, and attorneys may conduct closings. Conveyance is by warranty deed. Although deeds of trust are authorized, mortgages are the customary security instruments. The redemption period following a foreclosure is 6 months in most cases; it is 12 months if the property is larger than 10 acres or the amount claimed to be due is less than 2/3 of the original debt. This is a strong abstract state. Typically a buyer will accept an abstract and an attorney’s opinion as evidence of title, even though the lender may require title insurance. People in the Minneapolis-St. Paul area use the Torrens system. Minnesotans use ALTA policies. Buyers pay the lender’s and owner’s title insurance premiums and the mortgage tax. Sellers usually pay the closing fees and the transfer taxes. Property taxes are due on May 15th and October 15th.

Due May 15th and October 15th

YES. Key components of property management (renting and managing) are considered real estate brokerage services under existing Minnesota real estate licensing laws. If a property manager is going to lease, rent, list, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, employees of the owner or manager of a residential building who lease residential units in the building are exempt from the license requirement. For more information about these and other Minnesota property management requirements and exceptions, please contact the Minnesota Department of Commerce/Real Estate Division. Before hiring a property manager to manage your Minnesota rental property, you should always check that he or she is licensed appropriately. You can check the license status of Minnesota property managers and the Minnesota's License Lookup Directory.

NO. A broker's license is not required to manage community associations in Minnesota. However, The Department of Commerce has stated that if an association management company is engaged in trust activities or if it is signing contracts, then it must have a real estate broker license.

Minnesota real estate broker licensing requirements include: - Experience: As of July 1, 2011, Minnesota law increased the experience requirement to at least three years experience within the five years prior to the date of application to take the broker's exam. - Age: Must be at least 18 years old - Education: proof of successful completion of education requirement - Exam: must pass the broker licensing examination - Insurance: provide proof of mandatory surety bond - Fee: $225 (license lasts two years)

- Education: proof of successful completion of education requirement - Age: Must be at least 18 years old - Exam: must pass the salesperson licensing examination - Insurance: provide proof of mandatory surety bond - Fee: $135 (license lasts two years)