MN REAL ESTATE PURCHASE & SALE DESKBOOK - LINKEDLAW
LinkedLaw eDeskbook
ITEM #:  60090000   |   PUBLISHED:  JUNE 28, 2019
STANDARD PRICE
$125.00
MSBA MEMBER, NEW LAWYER, AND OTHER DISCOUNTS, IF APPLICABLE, WILL BE APPLIED DURING CHECKOUT.

The Minnesota Real Estate Purchase and Sale Deskbook, 2nd Edition

Edited by Angela M. Christy, Mark E. Hamel, Timothy J. Hassett & Stephen E. Yoch

Minnesota CLE is proud to publish this Deskbook that helps make your real estate practice better and more efficient than ever. Three of the best real estate attorneys in Minnesota – Angela Christy, Mark Hamel, and Tim Hassett – have edited a thorough text filled with practice tips, sample language, and forms, written by more than two dozen experienced practitioners. The Minnesota Real Estate Purchase and Sale 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 taxes, title issues, closings, special issues that may arise with various types of properties, and much more! Order yours today!

2019 UPDATE
The 2019 Update brings your Minnesota Real Estate Purchase and Sale Deskbook up to date, including the latest case law and statutory changes, and a fully updated Table of Authorities. Twenty chapters have been updated, including helpful sample forms and checklists. The Deskbook also contains copies of and references to the latest Purchase Agreements from the MSBA and the MN Association of REALTORS® – both of which were updated in 2019 – helping you more simply analyze your clients’ transactions.

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VOLUME I

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; 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 Purchase Agreement
– Mark E. Hamel & Eric Goodemote

CHAPTER 4
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 5
Income Tax Considerations
Introduction; Income Tax Basics; Installment Sales of Real Estate/Contracts for Deed; Residential Real Estate – Special Issues
– Lloyd G. Kepple & Andrew G. Seifert

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
– Scott M. Lucas & Shaun D. Redford

CHAPTER 9
Title Issues and Title Insurance
Introduction; Examination of Title; Title Clearance; Title Insurance
– Charles D. Hoyum & Cindy K. Telstad

CHAPTER 10
Legal Description, Survey, and Subdivision Issues
Legal Descriptions; Survey Requirements; Survey Issues; Subdivision Requirements
– James M. Neilson

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 & Jesse Goldfarb

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
– Jeffrey S. Johnson & Kristin N. Blenkush

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
– Nancy K. Landmark & Richard S. Little

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


VOLUME II

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

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
– John R. Wheaton & Rachel H. Pollock

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 – MSBA New Construction Purchase Agreement; Appendix B – Minnesota Association of REALTORS® Purchase Agreement: New Construction
– Stephen E. Yoch

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; Checklist for Conveying CIC Property
– David B. Eide & Mark S. Radke

CHAPTER 19
Special Issues for 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
– Gary C. Eidson

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; 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; Appendix A – Purchase Agreement Drafting Considerations
– David W. Kelley & Paul C. Rachie

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 and Delaware Statutory Trusts; 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  

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
– Paul S. Moe & Allen Wheeler

CHAPTER 25
Contracts for Deed
Introduction; 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 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
– John M. Koneck & Mary S. Ranum

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)
  • MPCA Change of Ownership Notice  (Chapter 24)
  • MPCA Environmental Covenant Under UECA (Chapter 24)
  • MSBA New Construction Purchase Agreement (Chapter 17)
  • MSBA Standard Purchase Agreement  (Appendix A)
  • 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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