Escrow & Title
Under Minnesota's race-notice recording statute, which party prevails in a dispute over a property deed?
AThe party who first received the deed
BThe party who paid the highest price
CThe party who recorded first without notice of prior claims✓ Correct
DThe party with the oldest deed
Explanation
Minnesota follows a race-notice recording statute. To prevail over prior interests, a subsequent purchaser must both record first AND have no notice of prior unrecorded claims at the time of their purchase.
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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).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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