Escrow & Title
In Minnesota, the deed tax (transfer tax) is paid at closing. Who is responsible for paying it?
AThe buyer
BThe seller✓ Correct
CBoth parties equally
DThe title company
Explanation
In Minnesota, the deed tax (also called the state deed tax or transfer tax) of $1.65 per $500 of consideration is customarily paid by the seller at closing. It is paid when the deed is recorded with the county recorder.
Related Minnesota Escrow & Title Questions
- 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:
- A judgment lien in Minnesota is created when:
- Title insurance in Minnesota protects the insured against losses from:
- In Minnesota, 'RESPA required disclosures' in a residential mortgage transaction include all of the following EXCEPT:
- In Minnesota, a 'construction lien' (mechanic's lien) differs from a mortgage in that:
- In Minnesota, a 'bona fide purchaser for value' (BFP) receives greater protection when buying real property because:
- In Minnesota, property taxes are paid:
- In Minnesota, a 'certificate of title' under the Torrens system is considered:
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →