MN SF411

Amends recording requirement for contracts for deed to exempt sellers from penalty if purchaser fails to record when seller has not provided a copy in recordable form.

Creates new disclosure notice requirement for "multiple sellers" (those who have acted as seller in 4+ residential contracts for deed within 12 months) to deliver a standardized "Important Information About Contracts for Deed" notice to purchasers.

Requires 5 business day waiting period between delivery of notice and execution of contract for deed, with notice affixed to purchase agreement if one exists.

Grants purchasers private right of action against multiple sellers for failure to timely deliver notice, with damages of at least $2,500 plus attorney fees, or triple damages if violation is knowing.

Allows purchasers to cancel purchase agreements within 5 business days of receiving notice if multiple seller failed to timely deliver it, with full refund of payments and no penalties.

Effective August 1, 2013 for new contract for deed transactions.