The Minnesota Real Estate Purchase and Sale Deskbook, 1st Edition
The Minnesota Real Estate Purchase and Sale Deskbook, 1st Edition
Edited by Angela Christy, Tim Hassett & Chuck Parsons
Table of Contents
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CHAPTER 1 Introduction Purpose; Format; The Role of the Attorney in Commercial Real Estate Transactions; The Purchase and Sale Process; Forms – Angela M. Christy
CHAPTER 2 Brokers and Agents Licensing Requirements; Continuing Education and License Renewal Requirements; The Agency Relationship and Dual Agency; Listing Agreements; Buyer/Broker Agreements; Facilitator Agreement; Disclosure Requirements; Override Clauses and Protective Lists; Trust Accounts; Real Estate Education, Research and Recovery Fund; Commission Actions; Fraudulent, Deceptive and Dishonest Practices; Statutory Requirements and Prohibitions – Lynn M. Leegard & Marvin A. Liszt
CHAPTER 3 Letters of Intent Introduction; Definition and Elements; Enforceability; Other Considerations; Summary – John R. Wheaton & Rachel H. Pollock
CHAPTER 4 Options, Rights of First Refusal and Rights of First Offer Introduction; Options; Right of First Refusal; Right of First Offer; Enforcement; Bankruptcy Concerns – John R. Wheaton & Rachel H. Pollock
CHAPTER 5 Purchase Agreements and Contingencies Introduction; Formation; Enforceability; Warranties; Doctrine of Merger; Risk of Loss; Assignment; Special Residential Issues; Special Commercial Issues – Mark E. Hamel & Eric Goodemote
CHAPTER 6 Special Issues in New Construction Introduction; A Checklist Approach; The Impact of New Construction on the Commercial Purchase Agreement; The Impact of New Construction on the Loan Transaction; Residential New Construction; Minnesota’s Mechanic’s Lien Law – Timothy J. Hassett
CHAPTER 7 Special Issues for Common Interest Communities Introduction; Definitions; Applicability; Other Unique Characteristics; Purchase Agreements: Unique Features; Disclosure to Purchasers; Purchaser’s Cancellation Rights; Closing Matters – David B. Eide & Mark S. Radke
CHAPTER 8 Special Issues for Lake Property Applicable Laws and Permits; Inspections and Due Diligence; Shoreland Descriptions; Riparian Issues; Encroachments / Boundary Lines; Access to the Property – Charles A. Andresen & Terry A. Karkela
CHAPTER 9 Special Issues for Retail/Office Property Introduction; Due Diligence Topics that are Common to Retail and Office Projects; Due Diligence Activities that are Common to Retail and Office Projects; Due Diligence Topics that are Unique To Retail Projects; Due Diligence Topics that are Unique to Office Projects – Gary C. Eidson
CHAPTER 10 Special Issues When Purchasing Property for Development Introduction; Understand the Proposed Development Before Drafting the Purchase Agreement; Investigate Project Design Requirements Before Drafting the Purchase Agreement; Land Use Controls of Cities, Towns and Counties; Development Agreements; Time for Minnesota Agencies to Act: The 60-Day Rule; Applying the Doctrine of Estoppel to Government Action; Other Land Use Controls that Apply to Development of Property; Additional Purchase Agreement Considerations When Purchasing Land for Development – Kathleen M. Martin
CHAPTER 11 Special Issues for Distressed Property Introduction; Managing Client Expectations; Recognizing Distressed Property; First Steps; Purchasing Distressed Property that is Not in Foreclosure; Purchasing Distressed Property in Foreclosure; Negotiating with the Lender; Other Considerations When Buying from a Lender; Title Insurance; Purchase of Property in Bankruptcy – David W. Kelley & Paul C. Rachie
CHAPTER 12 Covenants, Representations Warranties and Indemnification in Commercial Transactions Introduction; Special Covenants; Representations; Statutory Disclosure Requirements; Warranties; Indemnification; “As Is” Clauses – Daniel J. Cole, Jr. & Thomas L. Bray
CHAPTER 13 Income Tax Considerations Income Tax Basics; Installment Sales of Real Estate/Contracts for Deed; Residential Real Estate – Special Issues – Lloyd G. Kepple & Gina. B. DeConcini
CHAPTER 14 1031 Exchanges General; Property Qualifying for I.R.C. § 1031 Treatment; Non-Qualifying Property Given and Received; Basis in Property Received; Multi-Party Exchanges; Deferred Exchanges; Reverse Exchanges; Replacement Property to be Built; Exchanges Involving Partners and Partnerships; Tenancy in Common Interests and Delaware Statutory Trusts; Select Issues Regarding Debt in Exchange Transactions – Paul J. Linstroth
CHAPTER 15 Cancellations of Purchase Agreements Cancellation of Purchase Agreements Under Minnesota Statutes Section 559.21; Cancellation of Residential Purchase Agreements Under Minnesota Statutes Section 559.217; Injunctions Against Cancellation; Consensual Cancellation – Larry M. Wertheim
CHAPTER 16 Due Diligence in Commercial Transactions Introduction; Document Review; Physical Condition; Checklist – Paul B. Kilgore
CHAPTER 17 Title Issues and Title Insurance Introduction; Examination of Title; Title Clearance; Title Insurance – Charles D. Hoyum & Cindy K. Telstad
CHAPTER 18 Legal Description, Survey and Subdivision Issues Legal Descriptions; Survey Requirements; Survey Issues; Subdivision Requirements – James M. Neilson
CHAPTER 19 Property Tax Considerations Overview; Real Property; Property Classifications; Value for Tax Purposes; Assessments; Other Issues Relating to Sale and Purchase of Real Estate on Property Tax; Due Dates for Property Taxes – Stephen E. Yoch
CHAPTER 20 Disclosures and Due Diligence in Residential Transactions Introduction; Seller Disclosures; Licensee Disclosures; Due Diligence: Financing; Due Diligence: Condition of the Property; Due Diligence: Title; Due Diligence: The Closing Process – Scott M. Lucas & Matthew J. Pfohl
CHAPTER 21 Environmental Issues Environmental Disclosures; Environmental Due Diligence; Addressing Environmental Contamination – Paul S. Moe & Allen Wheeler
CHAPTER 22 Contracts for Deed Description; Drafting; Modifications and Extensions of Contracts for Deed; Assignments of Contracts for Deed; Remedies; Statutory Cancellation Pursuant to Minnesota Statutes Section 559.21; Miscellaneous Issues – John H. Brennan
CHAPTER 23 Closings and Closing Documents Introduction; Closing Checklist and Closing Timetable; Standard Documents; Commercial Closings; Residential Closings; Miscellaneous Items; After the Closing – Jeffrey S. Johnson & Kristin N. Blenkush
CHAPTER 24 Financing Documents Differences Between Residential and Commercial Financing; Loan Agreement; Commitment; Promissory Note; Mortgage; Assignment of Leases and Rents; Guaranties; Security Agreement; Financing Statement; Subordination, Nondisturbance and Attornment Agreement; Environmental Indemnity; Disbursing Agreement; Opinion of Counsel – John M. Koneck & Mary S. Ranum
CHAPTER 25 Recording and Filing Documents Abstract and Torrens Property; Recording Requirements; Deed Tax; Mortgage Registration Tax (MRT) Issues; Electronic Recording; Practical Advice – Nancy K. Landmark & Richard S. Little
CHAPTER 26 Defaults and Remedies Election and Limitation of Remedies; Abandonment and Cancellation; Rescission; Damages; Specific Performance; Fraud and Misrepresentation; Merger Doctrine; Alternative Dispute Resolution; Title Defect Remedies; Right to Possession; Statutes of Limitation; Interstate Land Sales Full Disclosure Act and Minnesota Subdivided Land Sales Practices Act; Securities Laws – Shaun C. McElhatton
Subject Index Case Index Minnesota Statutes Index Codes Index |