Carlos is selling his home in Duluth, Minnesota. At closing, the title company asks whether there are any wells on the property. Carlos says there are no wells. Under Minnesota law, how must this fact be documented at closing?
Correct Answer
A) The deed itself must contain a statement that there are no wells on the property
Under Minn. Stat. § 103I.235, when a seller transfers real property and there are no wells on the property, the deed itself must contain a statement to that effect. This is a Minnesota-specific requirement. If wells do exist, a Well Disclosure Certificate must be filed with the county recorder; but when no wells are present, the no-wells statement is incorporated directly into the deed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
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