practicelaw recently expanded the offerings to real estate practitioners by  posting new forms drafted by two hard working groups: the MSBA Real Property Law Section’s Residential Real Estate Committee and the Minnesota Advisory Task Force on Uniform Conveyancing Forms. Both groups have recently developed forms in demand by users.

Purchase Agreement for a Fiduciary Seller

After months of work, the Residential Real Estate Committee completed its work on RPF-23, Minnesota Standard Residential Purchase Agreement: Fiduciary Seller. This Purchase Agreement is modeled on the popular Minnesota Standard Purchase Agreeement (RPF-01) but is designed for use by fiduciaries, such as personal representatives, trustees, conservators, and custodians.

This new Purchase Agreement form joins the 30+ other forms drafted by the Committee. The Committee has met monthly since the mid-1980’s to draft and revise forms for use in residential transactions, including purchase agreements; addenda and disclosures; a residential lease; listing contract; and bill of sale. The standardized forms are quicker and easier for practitioners to draft and review, thus making making lawyer involvement in residential transactions more economical for both lawyer and client.

Affidavit of Postponement

A new Uniform Conveyancing Blank (UCB), the  Affidavit of Postponement, was recently drafted by the Minnesota Advisory Task Force on Uniform Converyancing Forms, approved by the Department of Commerce and posted on practicelaw.

The task force drafted the form in response to the recent amendment of Minn. Stat. 580.07.  The new law allows a homeowner to delay a foreclosure sale, thus allowing extra time to bring the mortgage current. The tradeoff is a reduction in the applicable redemption period to five weeks. The Minnesota Home Ownership Center has posted a FAQ for Homeowners on the new law that outlines who is eligible and what steps must be taken. One of the steps is the filing of an Affidavit of Postponement.

The Task Force, created in 1929,  recommends amendments to existing forms and  drafts and recommends adoption of new forms. Its members are appointed by the Minnesota Commissioner of Commerce and meet monthly from September through June.

Posted by: Nancy Hupp