Minnesota Real Estate Closings

Our real estate law practice encompasses all aspects of your life and unique real estate situations. Whether you’re buying your first home or selling to downsize, or anywhere in-between, we are able to help you make intelligent decisions and plan for a smooth transaction. With knowledge in all aspects of real estate law, we are able to assist with your real estate law needs.

Our real estate law covers these practice areas.

1031 “Like-Kind” Exchange

A 1031 “Like-Kind” Exchange is a specialized type of real estate transaction. Following the rules and regulations under Section 1031 of the United States Internal Revenue Code ( 26 U.S.C. §1031 ), the exchange of certain types of real estate or other property, for similar real estate or other property, may defer the recognition of capital gains losses due upon sale, and hence defer any capital gains taxes otherwise due.

Adverse Claims

Often called a quiet title action, an action to determine adverse claims to real estate, is a court proceeding which allows an owner of real estate to seek a judicial declaration of ownership and excludes other parties from asserting claims against that real estate. An action to determine adverse claims is commonly used in situations where one party is encroaching upon another parties’ real estate, where there is a boundary dispute, or where there are other defects in the chain of title that need to be cleared with an action to determine adverse claims to real estate or quiet title action.

Closing

Under Minnesota Statutes, you have the right to select the closing agent of your choice, but certain lenders and realtors will often try to persuade you to use their “in house” closing agent or title company and offer “discounts” or “convenience” as selling points. Real estate attorneys and title companies offer similar closing services, but you need to shop around for both the lowest fees and the most competent closing agent. The “in house” recommendation may not be the most inexpensive, may not have the needed experience, or may not have your best interests in mind. As an independent attorney real estate closer, our job is to protect your rights and interests and anticipate legal problems as part of your real estate closing. Attorney closers can be very helpful in complex home purchases involving buying a home that has been in foreclosure, part of a probate estate, sold for sale by owner, or on contract for deed. A lawyer also can review your purchase agreement, make sure the seller delivers all necessary documents at closing, and can convey a marketable title. Our real estate closing services are based upon an à la carte flat fee pricing structure, so we’re able to give you an accurate estimate of our prices and we’re confident that if you shop around for a side-by-side comparison of prices, not only are we competitive, but we are generally a lesser expensive alternative to the “in house” closing agents or title companies.
 

Contract For Deed

There has been a steady resurgence in the use of contracts for deed in buying and selling of residential homes because of a decline in housing prices, tight availability of credit, and damaged credit ratings that make it difficult for sellers to find qualified buyers and for buyers to find conventional financing such as a mortgage. As an alternative to conventional financing arrangements, sellers and buyers will enter into a contract for deed where the purchase of property is financed by the seller rather than a third-party lender such as a commercial bank or credit union. Certain formalities must be followed to make the contract for deed legally binding and to protects the interests of both seller and buyer. Sellers and buyers should formally close on a contract for deed. Our office tries to analyze the proposed sale thoroughly to set sellers and buyers up for success rather than failure. A contract for deed generally costs a flat fee of between $150.00 to $200.00 per document. A typical contract for deed closing usually costs $500.00-$650.00, which includes all of the necessary documents and recording fees.

Deed

A deed is a written legal document by which an interest in land is conveyed from one party to another. There are several types of real property deeds; and selecting the right deed for a particular purpose is extremely important. In our office, we have experience with deeds in lieu of foreclosure, trustee’s deeds, personal representative’s deeds, quit claim deed, sheriff’s deeds, and warranty deeds. A typical deed generally costs a flat fee of between $50.00 to $75.00 per document.

Easement

An easement is a written legal document in which an owner of one piece of land acquires a legal or equitable right from the owner of another piece of land for a particular purpose. There are several types of easements that can be used. In our office, we have experience with access easements, driveway easements, septic easements, well easements, and other easement agreements.
 

Landlord

Our real estate attorneys primarily assist landlords, leasing agents, and property managers in preparing leases and developing internal policies and procedures to protect landlords from tenant’s in the event of default. A typical lease generally costs a flat fee of between $200.00 to $250.00 per document. Our civil litigation attorneys also represent landlords, leasing agents, and property managers in eviction or unlawful detainer proceedings on a flat fee basis.

Mechanics Lien

Our real estate attorneys primarily assist contractors and subcontractors in securing and protecting their rights to receive payment for the services and materials they provide to a job site. We can assist contractors and subcontractors with legally required pre-lien notices for incorporation in their existing contracts and estimates. We also assist in the preparation, service, and filing of the mechanic’s lien document to protect our construction professionals in the event of default.
 

Quit Claim Deed

A quit claim deed, sometimes erroneously referred to as a “quick claim deed” is a type of deed that conveys a seller’s complete interest or claim in real estate without actually warranting that the seller’s title to that real estate is complete and valid. A typical deed generally costs a flat fee of between $50.00 to $75.00 per document.

Sale And Purchase

As an attorney closing agent, we are allowed to represent both buyers and sellers simultaneously; however, we generally represent one side or the other in a real estate transaction. Under Minnesota Statutes, you have the right to select the closing agent of your choice, but certain lenders and realtors will often try to persuade you to use their “in house” closing agent or title company and offer “discounts” or “convenience” as selling points. Real estate attorneys and title companies offer similar closing services, but you need to shop around for both the lowest fees and the most competent closing agent. The “in house” recommendation may not be the most inexpensive, may not have the needed experience, or may not have your best interests in mind. As an independent attorney real estate closer, our job is to protect your rights and interests and anticipate legal problems as part of your real estate closing. Attorney closers can be very helpful in complex home purchases involving buying a home that has been in foreclosure, part of a probate estate, sold for sale by owner, or on contract for deed. A lawyer also can review your purchase agreement, make sure the seller delivers all necessary documents at closing, and can convey a marketable title. Our real estate closing services are based upon an à la carte flat fee pricing structure, so we’re able to give you an accurate estimate of our prices and we’re confident that if you shop around for a side-by-side comparison of prices, not only are we competitive, but we are generally a lesser expensive alternative to the “in house” closing agents or title companies.

Tenant

While our real estate attorneys generally represent landlords, we also represent tenants in reviewing lease documents. Our civil litigation attorneys also represent tenants in wrongful eviction actions, actions to recover damage deposits, and other claims against landlords.

Title Defects

Title defects affecting ownership of real estate can render title unmarketable, requiring the recording of corrective instruments, missing documents, or court proceedings to correct the title defects. One of the unfortunate consequences of the current real estate market, is that problems with the handling of foreclosures, bankruptcies involving developers, and mechanic’s liens from contractors that are no longer in business, create title defects that need to be corrected to make title marketable. Other common title defects includes situations where one party is encroaching upon another parties’ real estate, where there is a boundary dispute, or where ownership is not clear from the record. Our office will assess the title defect and determine the appropriate cure, such as an easement, quit claim deed, or even a quiet title action.

Title Insurance

Title insurance is a specialized insurance policy that covers title defects and even certain unrecorded liens. The price of the title insurance premium is calculated based upon the amount of the loan, the purchase price amount, or both if an owner’s and lender’s title insurance policy are purchased simultaneously. Title insurance is required by almost all lenders. The cost depends on the amount of the loan, for a lender’s policy, or the purchase price, for an owner’s policy. A title insurance policy for a lender does not insure owners, so an owner may want to buy her own policy. The cost for title insurance is usually paid by the buyer/borrower. Our office is an agent for Old Republic National Title Insurance Company.

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