REAL PROPERTY LAW
Prepared by:
Ron Elwood, Supervising Attorney
Legal Services Advocacy Project
651-842-6909
relwood@mnlsap.org

I. CANCELLATION OF A PURCHASE AGREEMENT
Regular Session, Chapter 66, Sections 5 and 6 (SF 137)
Amends Minn. Stat. § 559.217, subds. 4 and 8
Effective August 1, 2011, and applies to any Notice of Cancellation of Purchase Agreement or Responsive Notice of Cancellation of Purchase Agreement served on or after that date

A. Anti-Waiver
Provides that a notice to initiate cancellation of a purchase agreement may be given notwithstanding any provisions in the agreement to the contrary.
Amends Minn. Stat. § 559.217, subd. 4

B. Service
Adds personal service to first class mailing as a means of serving notice of cancellation. Adds that service by first class mail is effective upon delivery.
Amends Minn. Stat. § 559.217, subd. 8

II. REDEMPTION PERIOD ON REVERSE MORTGAGE LOANS
Regular Session, Chapter 66, Sections 5 and 6 (SF 137)
Amends Minn. Stat. § 580.23, subd. 2
Effective May 25, 2011, and applies to foreclosures of reverse mortgages in which the notice of foreclosure was published on or after the effective date

Adds reverse mortgages to the list of foreclosures subject to a 12-month redemption period.

III. TRANSACTION AGENT DISCLOSURE
Regular Session, Chapter 61, Section 1 (SF 1208)
Adds Minn. Stat. § 58.162
Effective August 1, 2011

Requires a "transaction agent" or servicer to provide to a mortgagor, within 10 business days of a written request, the identity, address, and telephone number of the current owner of the note secured by the mortgage, based on the transaction agent's or servicer's actual knowledge. Provides that the requested information must be provided free of charge once per calendar year. Allows a transaction agent or servicer to comply with the Dodd-Frank Bill provisions amending the Real Estate Settlement Procedures Act in lieu of complying with the new state provisions (which provide that "a servicer of a federally-related mortgage" must "respond within 10 business days to a request from a borrower to provide the identity, address, and other relevant contact information about the owner or assignee of the loan").

Note: a "transaction agent" is defined under Minn. Stat. § 58.02, subd. 30 as "the person identified in a mortgage recorded with the county recorder or registrar of titles as the nominee or agent for a third party also identified in the mortgage."