MN SF2180

Requires sellers of contracts for deed involving residential property to deliver a standardized notice to buyers at least 5 days before execution, warning that contracts for deed are not mortgages, foreclosure laws do not apply, and buyers could lose all paid money and ownership rights if they miss payments.

Allows purchasers to cancel a contract for deed or purchase agreement without penalty if the required notice is not timely delivered, with sellers required to promptly refund all payments made.

Requires landlords offering lease-with-option-to-purchase agreements to provide a written option agreement separate from the lease containing specific terms including purchase price, payment schedules, and notice that the landlord must remain current on property taxes and insurance.

Grants renters in lease-with-option-to-purchase agreements a 15-day cure period to pay missed rent before eviction proceedings can commence, and requires landlords to refund the full option cost if the property is sold to a third party who does not take subject to the option.

Applies to contracts for deed, purchase agreements for contracts for deed, and option agreements entered into on or after August 1, 2012, with provisions that cannot be waived by the parties.