Under Minnesota law, all of the following are required elements for a deed to be legally valid and effective for recording EXCEPT:
Correct Answer
D) The deed must state the exact purchase price paid by the grantee
Minnesota deeds are not required to state the exact purchase price paid by the grantee in order to be valid or recordable. Minnesota uses deed tax (state deed tax and any applicable county tax) based on the consideration paid, but the consideration may be stated as nominal (e.g., 'for $1 and other good and valuable consideration') without invalidating the deed. The actual purchase price does not need to appear on the face of the deed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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