Finance
Under a Minnesota contract for deed, the seller's remedy upon buyer default is typically:
AImmediate foreclosure like a mortgage
BCancellation of the contract by delivering a notice of cancellation and allowing a statutory cure period✓ Correct
CRepossession of the property without court action
DFiling a lawsuit for the full purchase price
Explanation
In Minnesota, a contract for deed seller's primary remedy upon buyer default is cancellation under MN Statute 559.21.
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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).
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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