Legal Question in Real Estate Law in Minnesota

Re: Transfer deed from individual to corporation

Ordinarily you would want a purchase agreement which lays out the terms of the purchase, including all the details about how certain payments have been applied to the purchase price. This agreement would prevent any claim that the full price has not yet been paid or that more rent is owing.

Then you want a real estate closing with all the trimmings. This would include a warranty deed to transfer ownership of the real estate, together with a bill of sale for the personal property if there is any.

Before doing any of this somebody should check the title. How do you know that this guy owns the place? Does he own it jointly with anybody else? If he's married, his spouse has to sign the deed too, even if she's not an owner.

AND if there's a mortgage, it probably says that the place can't be sold without the lender's permission. Besides a full examination of the state of the title, you need to have a competent lawyer look at that mortgage and see what the sale restrictions are. Maybe you can assume it, maybe you can't.

This is not buying a can of soup off a shelf. Real estate is complicated. You should have gotten a lawyer involved with this a long time ago. Before you make any more moves or dig yourself into this deal deeper, get advice and get represented.

This response is for general information purposes only and does not create an attorney-client relationship.