MN REAL ESTATE PURCHASE & SALE DESKBOOK
Deskbook
ITEM #:  50090025   |   PUBLISHED:  OCTOBER 7, 2024
STANDARD PRICE
$209.00
MSBA MEMBER, NEW LAWYER, AND OTHER DISCOUNTS, IF APPLICABLE, WILL BE APPLIED DURING CHECKOUT.

Minnesota Real Estate Purchase and Sale Deskbook, 2nd Edition

Editors:  Angela M. Christy, Stephen E. Yoch & Lica Tomizuka

The Minnesota Real Estate Purchase and Sale Deskbook is written and edited by experienced practitioners to help make your real estate practice better and more efficient than ever. Many of the best real estate attorneys in Minnesota have authored chapters filled with practice tips from their years of experience, sample language, and essential forms.  The Deskbook walks you through the entire process of purchasing and selling both residential and commercial real estate. Everything you need to know about purchase agreements, the major players in the transaction, income and property tax considerations, title issues, closings, special issues that may arise with special types of properties such as new construction, common interest communities, residential lake property, retail/office property, distressed property, and much more!

2024 UPDATE
The 2024 Update brings your Minnesota Real Estate Purchase and Sale Deskbook up to date, including the latest case law and changes to Minnesota Statutes and court rules. Twenty-three chapters have been updated, including updates to helpful sample forms. Ch. 22, Special Issues for Buying Distressed Property, has been fully rewritten and updated to cover background issues, identifying distressed property, analyzing causes of distress, negotiating and structuring purchase, due diligence, and much more! The Deskbook also contains copies of and references to the latest Purchase Agreements from the Minnesota State Bar Association and the Minnesota Association of REALTORS®.


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VOLUME I

CHAPTER 1
Introduction
Introduction; Purpose; Format; The Role of the Attorney in Commercial Real Estate Transactions; The Purchase and Sale Process; Forms; Conclusion
– Angela M. Christy & Alex Sellke

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; Broker Price Opinions; 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
Purchase Agreements and Contingencies
Introduction; Formation; Enforceability; Warranties; Doctrine of Merger; Risk of Loss; Assignment; Special Residential Issues; Special Commercial Issues; Appendix A – Commercial Real Estate Purchase Agreement
– Dan Haller & Alex Sellke

CHAPTER 4
Covenants, Representations, Warranties, and Indemnification in Commercial Transactions
Introduction; Special Covenants; Representations; Statutory Disclosure Requirements; Warranties; Indemnification; “As Is” Clauses
– Christopher W. Boline & Peter A. Snyder

CHAPTER 5
Income Tax Considerations
Introduction; Income Tax Basics; Installment Sales of Real Estate/Contracts for Deed; Residential Real Estate – Special Issues
– Chrisopher A. Jones & Bill Mitchell

CHAPTER 6
Cancellations of Purchase Agreements
Introduction; 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 7
Due Diligence in Commercial Transactions
Introduction; Document Review; Physical Condition; Appendix A – Due Diligence in Commercial Transactions Checklist
– Paul B. Kilgore

CHAPTER 8
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; Appendix A – Summary of Required Disclosures
– Shaun D. Redford & Katherine L. Wahlberg

CHAPTER 9
Title Issues and Title Insurance
Introduction; Examination of Title; Title Clearance; Title Insurance
– Barbara Buhr Gilmore

CHAPTER 10
Legal Description, Survey, and Subdivision Issues
Legal Descriptions; Survey Requirements; Survey Issues; Subdivision Requirements
– Matthew A. Anderson

CHAPTER 11
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
– Angela M. Christy & Peter A. Hvidston

CHAPTER 12
Closings and Closing Documents
Introduction; Closing Checklist and Closing Timetable; Standard Documents; Commercial Closings; Residential Closings; Miscellaneous Items; After the Closing; Appendix A – Closing Checklist; Appendix B – Closing Timetable; Appendix C – Purchaser Closing Instruction Letter; Appendix D – Tenant Estoppel Certificate
– Tammy J. Schemmel & Stephany J. Elmer

CHAPTER 13
Recording Documents
Abstract and Torrens Property; Recording Requirements; Deed Tax; Mortgage Registration Tax Issues; Electronic Recording; Practical Advice; Appendix A – Minnesota Department of Revenue Form DT1; Appendix B – Minnesota Department of Revenue Form DT2; Appendix C – Minnesota Department of Revenue Form MRT1; Appendix D – Recording Checklist; Appendix E – Uniform Conveyancing Blanks; Appendix F – Statewide Recording Fees; Appendix G – eCRV Questions/Information Required
– Nancy K. Landmark 

CHAPTER 14
Defaults and Remedies
Introduction; 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
– Lica Tomizuka & Eric R. Cole


VOLUME II

CHAPTER 15
Letters of Intent
Introduction; Definition and Elements; Enforceability; Other Considerations; Summary; Appendix A – Form of Letter of Intent
– Rachel H. Pollock & Peter J. Berrie

CHAPTER 16
Options, Rights of First Refusal, and Rights of First Offer
Introduction; Options; Right of First Refusal; Right of First Offer; Enforcement; Bankruptcy Concerns
– Rachel H. Pollock & Peter J. Berrie

CHAPTER 17
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; Appendix A – Minnesota State Bar Association Standard Residential Purchase Agreement and Contract for New Construction; Appendix B – Minnesota Association of REALTORS® Purchase Agreement: New Construction
– Stephen E. Yoch & Lauren C. Janochoski

CHAPTER 18
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; Appendix A – Checklist for Conveying CIC Property
– Mark S. Radke

CHAPTER 19
Special Issues for Residential Lake Property
Introduction; Applicable Laws and Permits; Inspections and Due Diligence; Shoreland Descriptions; Discussion of Riparian Issues; Encroachments/Boundary Lines; Access to the Property
– Charles A. Andresen & Samuel D. Felix

CHAPTER 20
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; Appendix A – Tenant Estoppel Certificate
– Audra E. Williams

CHAPTER 21
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; Appendix A – Initial Questions for Client; Appendix B – Initial Inquiries of Local Government; Appendix C – Form Zoning Letter
– Patrick B. Steinhoff

CHAPTER 22
Special Issues for Distressed Property
Introduction; Background on Distressed Property; Identifying and Evaluating Distressed Property; Analyzing the Causes of Distress; Negotiating and Structuring the Purchase; Due Diligence; Additional Considerations for Distressed Properties; Conclusion; Appendix A – Purchase Agreement Drafting Considerations
– Michelle Cardona Vinasco, Rhett P. Schwichtenberg & Todd M. Phelps

CHAPTER 23
1031 Exchanges
General; Property Qualifying for I.R.C. § 1031 Treatment; Nonqualifying 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; Select Issues Regarding Debt in Exchange Transactions; Special Purpose Entities and Delaware Statutory Trusts; Related-Party Exchanges; Special Issues; Exchanges and Other Internal Revenue Code Sections
– Paul J. Linstroth & Jeffrey R. Peterson  

CHAPTER 24
Environmental Issues
Introduction; Environmental Disclosures; Environmental Due Diligence; Addressing Environmental Contamination; Appendix A – Owner’s Notification Requirements in Minnesota Statutes Section 116.48; Appendix B – Form of Underground Storage Tank Affidavit; Appendix C – Form of MPCA Change of Ownership Notice; Appendix D – MPCA Form of Environmental Covenant Under UECA
– Allen Wheeler & Eric R. Cole

CHAPTER 25
Contracts for Deed
Introduction; 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 & Larry M. Wertheim

CHAPTER 26
Financing Documents
Introduction; 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
– Rory O. Duggan 

APPENDIX A – Minnesota State Bar Association Standard Residential Purchase Agreement 

APPENDIX B – Minnesota Association of Realtors Purchase Agreement  

Table of Authorities
Subject Index

  • Checklist for Conveying CIC Property  (Chapter 18)
  • Closing Checklist (Chapter 12)
  • Closing Timetable (Chapter 12)
  • Commercial Purchase Agreement  (Chapter 3)
  • Due Diligence in Commercial Transactions Checklist (Chapter 7)
  • Form Letter of Intent (Chapter 15)
  • Minnesota Association of REALTORS® Purchase Agreement (Appendix B)
  • Minnesota Association of REALTORS® Purchase Agreement: New Construction (Chapter 17)
  • Minnesota Department of Revenue Form DT1 (Chapter 13)
  • Minnesota Department of Revenue Form DT2 (Chapter 13)
  • Minnesota Department of Revenue Form MRT1 (Chapter 13)
  • Minnesota State Bar Association New Construction Purchase Agreement (Chapter 17)
  • Minnesota State Bar Association Standard Purchase Agreement  (Appendix A)
  • MPCA Change of Ownership Notice  (Chapter 24)
  • MPCA Environmental Covenant Under UECA (Chapter 24)
  • Purchaser Closing Instruction Letter (Chapter 12)
  • Recording Checklist (Chapter 13)
  • Tenant Estoppel Certificate  (Chapters 12 and 20)
  • Underground Storage Tank Affidavit  (Chapter 24)
  • Zoning Letter (Chapter 21)

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STANDARD PRICE
$209.00
MSBA MEMBER, NEW LAWYER, AND OTHER DISCOUNTS, IF APPLICABLE, WILL BE APPLIED DURING CHECKOUT.
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