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A Minnesota land contract legally binds a purchase and sale agreement for vacant land between two parties. When putting together the contract, the parties should include all relevant details surrounding the transaction, such as the agreed-upon purchase price as well as any financial contingencies. All legal descriptors of the land/lot must also be included, which includes everything from the parcel number to any applicable tax identification numbers. Both parties must then schedule a closing date upon reaching a final agreement. At closing, the parties can exchange any funds due at signing.

Vacant Land Disclosure Statement (MN Stat § 513.55) – Sellers of residential property must disclose to prospective buyers all material facts of which the seller is aware could adversely and significantly affect an ordinary buyer’s intended use of the property.

Where to Record? (MN Stat § 507.25) – All deeds must be filed with the County Recorder’s Office located within the jurisdiction of the property.