Contracts
A Minnesota buyer in a contract for deed fails to make payments for 60 days. The seller initiates cancellation proceedings. Under Minnesota Statute 559.21, what is the vendee's (buyer's) redemption period?
A30 days
B60 days✓ Correct
C90 days
D180 days
Explanation
Under MN Stat. 559.21, the statutory cancellation period for a contract for deed in Minnesota is 60 days for residential property (the vendee has 60 days after notice to cure the default and reinstate the contract). This gives the buyer an opportunity to pay the arrearage and save their interest. The cancellation period may differ for commercial property.
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