MN HF1905

Requires sellers conducting more than one contract for deed per year involving residential property to deliver a standardized disclosure notice at least 5 days before execution of purchase agreement or contract, warning buyers that contracts for deed are not mortgages and foreclosure protections do not apply.

Mandates the disclosure include warnings about risks of missing payments (loss of money paid, ownership rights, and eviction), responsibility for property taxes and insurance, and recommendations to seek legal advice and professional appraisals and inspections.

Allows purchasers to cancel purchase agreements or contracts for deed without penalty if the required notice is not timely delivered, with sellers obligated to refund all payments and any associated move-in agreement rent on a pro rata basis.

Establishes requirements for lease with option to purchase agreements on residential property, including separate written option agreement with specified terms (purchase price, option exercise terms, payment allocation, disclosure of liens, and statement of landlord's tax and insurance obligations).

Requires landlords to deliver a standardized disclosure at least 10 days before option agreement execution, and grants renters 15-day cure rights for nonpayment before eviction; automatically cancels option if landlord sells property to third party not assuming the option, requiring landlord to refund full option cost.