Property Ownership
In Minnesota, 'constructive notice' in real property law means:
ANotice given verbally at an open house
BNotice imputed by law because information is available in public records or through visible inspection of the property✓ Correct
CNotice only from a licensed attorney
DNotice given only in writing by certified mail
Explanation
Constructive notice is notice that the law presumes a person has because information is publicly recorded (recorded deed, mortgage, lien) or visible upon inspection of the property (possession, improvements). A buyer is charged with constructive notice of recorded instruments whether they actually checked the records or not.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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