Escrow & Title
At a Minnesota closing, the seller is asked to provide an 'owner's affidavit.' What information does this document typically contain?
AThe seller's income and tax return information
BCertifications regarding liens, possession, tenants, and other matters that could affect title✓ Correct
CAn appraisal of the property's value at closing
DThe seller's agreement to pay all capital gains taxes
Explanation
An owner's affidavit (also called a seller's affidavit or title affidavit) is a sworn statement by the seller certifying matters that could affect title: no unrecorded liens, no outstanding leases or tenant rights, no work completed without payment, and other relevant facts. Title companies in Minnesota use these affidavits as part of their underwriting and to reduce the risk of claims after closing.
Related Minnesota Escrow & Title Questions
- A mechanic's lien in Minnesota may be filed by:
- A Minnesota buyer's purchase agreement requires the seller to provide a survey. The survey reveals a 2-foot encroachment of the neighbor's fence onto the subject property. How must this be resolved before closing?
- In Minnesota, the deed tax is $1.65 per $500 of consideration (or fraction thereof). What is the deed tax on a $187,500 sale?
- A Minnesota property has an abstract of title going back to 1890. The current owner wants to sell, and the buyer's attorney finds a break in the chain of title in 1947. This break is:
- At a Minnesota closing, proration of property taxes results in a debit to the seller and a credit to the buyer because:
- At a Minnesota closing, a Closing Disclosure shows the buyer's cash to close. Which items are NOT typically included in the buyer's cash to close?
- At a Minnesota real estate closing, proration of property taxes means:
- In Minnesota, the deed tax (transfer tax) is paid at closing. Who is responsible for paying it?
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →