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Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7225
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
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In Minnesota, in a Contract-for-Deed, is the mortgagor required

Customer Question

In Minnesota, in a Contract-for-Deed, is the mortgagor required to follow the same laws as a lending institution?
Submitted: 4 years ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 4 years ago.

Hello and thank you for your question.



Can you tell me the type of requirements in question? Is there a signed agreement setting out the terms?

Customer: replied 4 years ago.

Yes. And filed with Benton County.

Expert:  Attyadvisor replied 4 years ago.

Can you tell me the type of requirements in question?

Customer: replied 4 years ago.

I do not understand - can you tell me what specific requirements I am looking for in the documents to give you information on that would pertain to this question?


 

Expert:  Attyadvisor replied 4 years ago.

I apologize for any confusion that I may have caused in my response.


You asked if the mortgagor (borrower) is required to follow the same laws as a lending institution. The answer is no. In a contract for deed the parties are bound by the terms of the contract.

My worry was that I was not addressing a specific concern that you may have with regard to your contract for deed.


 

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. I am happy to help.

Customer: replied 4 years ago.

I have a management contract for other properties (in writing) where the proceeds pay for my house payment. The owner has told me that he will "cancel my 'Contract-for-Deed" for non-payment of the services that he owes me under the contract but he now refuses to pay if I do not pay him CASH instead.

Expert:  Attyadvisor replied 4 years ago.

Can you tell if there is anything in your contract for deed that requires you to pay in cash under any circumstances? Can you attach a copy of your contract for deed?