Subdivision 1. By whom; fee authorized. Residential real estate closing services may be provided and a fee charged by a licensed attorney, real estate broker, real estate salesperson, and real estate closing agent.
Subd. 2. Notice of closing agent's fee. No charge for closing services, except a charge disclosed under Regulation Z, Code of Federal Regulations, title 12, part 226, and except a charge for which an estimate has been given pursuant to the federal Real Estate Settlement Procedures Act, and regulations thereunder, may be made by a closing agent unless the party to be charged is informed of the charge in writing at least five business days before the closing by or on behalf of the party charging for the closing services.
Subd. 3. Requirements for real estate personnel. If the closing services are to be provided by a real estate broker, real estate salesperson, or real estate closing agent, the following regulations shall apply.
(a) The written contract for closing services shall state in at least 10-point type that the real estate broker, real estate salesperson, or real estate closing agent has not and, under applicable state law, may not express opinions regarding the legal effect of the closing documents or of the closing itself.
(b) No closing fee may be charged in connection with the transfer of the legal or equitable ownership of a property if a closing is performed without either a mortgagee's or owner's title insurance commitment or a legal opinion regarding the status of title.
Subd. 4. Choice of closer; notice. (a) No real estate salesperson, broker, attorney, auctioneer, builder, title agent, financial institution, or other person making a mortgage loan may require a person to use any particular licensed attorney, real estate broker, real estate salesperson, or real estate closing agent in connection with a residential real estate closing.
(b) All listing agreements must include a notice informing sellers of their rights under this subdivision. The notice must require the seller to indicate in writing whether it is acceptable to the seller to have the licensee arrange for closing services or whether the seller wishes to arrange for others to conduct the closing. The notice must also include the disclosure of any controlled business arrangement, as the term is defined in United States Code, title 12, section 1602, between the licensee and the real estate closing agent through which the licensee proposes to arrange closing services.
1988 c 695 s 6; 1989 c 217 s 22; 1989 c 347 s 42; 1991 c 113 s 1; 1993 c 309 s 28; 2001 c 208 s 26; 2014 c 198 art 4 s 24
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 507 — Recording And Filing Conveyances
Section 507.01 — Conveyance And Purchaser.
Section 507.02 — Conveyances By Spouses; Powers Of Attorney.
Section 507.021 — Conveyances Recorded 15 Years Validated.
Section 507.03 — Purchase-money Mortgage; Nonjoinder Of Spouse.
Section 507.04 — Conveyance Of Protected Person's Real Property.
Section 507.05 — Conveyance By Corporation; Resolution Appointing Attorney.
Section 507.06 — Quitclaim Deed Passes All Estate Of Grantor.
Section 507.061 — Words Of Inheritance Not Needed.
Section 507.07 — Warranty And Quitclaim Deeds; Forms.
Section 507.071 — Transfer On Death Deeds.
Section 507.09 — Forms Approved; Amendments.
Section 507.091 — Conveyance To Include Name And Address Of Drafter.
Section 507.092 — Conveyance To Include Name And Address Of Person To Receive Tax Statements.
Section 507.093 — Standards For Documents To Be Recorded Or Filed.
Section 507.0941 — Definitions.
Section 507.0942 — Uniformity Of Application And Construction.
Section 507.0943 — Validity And Time Of Recording Of Electronic Documents.
Section 507.0944 — Recording Of Documents.
Section 507.0945 — Administration.
Section 507.0947 — Relation To Electronic Signatures In Global And National Commerce Act.
Section 507.0948 — Donations; Reimbursement.
Section 507.10 — Certified Copies Of Forms To Be Preserved.
Section 507.13 — Standard Forms Established.
Section 507.14 — Minnesota Uniform Conveyancing Blanks.
Section 507.15 — Uniform Short Form Mortgage; Equivalent Language.
Section 507.16 — No Covenants Of Title Implied.
Section 507.161 — Conveyance By Disseisee.
Section 507.17 — Conveyance Includes Abutting Vacated Public Right-of-way.
Section 507.18 — Prohibited Restrictions.
Section 507.19 — Conveyance By Tenant For Life Or Years; No Forfeiture.
Section 507.20 — Grantor To Make Known Encumbrance.
Section 507.21 — Liability Of Grantor Who Covenants Against Encumbrances.
Section 507.23 — Incomplete Conveyance, How Proven.
Section 507.235 — Filing Contracts For Deed.
Section 507.236 — Transfer Statement For Contract For Deed.
Section 507.24 — Recordable, When.
Section 507.25 — Certified Copy Of Record May Be Recorded.
Section 507.251 — Constructive Notice, When Not Affected.
Section 507.27 — Copy Of Will And Order Admitting To Probate.
Section 507.28 — Deeds Of Pews.
Section 507.29 — Affidavits As Evidence.
Section 507.31 — Railroad Lands.
Section 507.32 — Record, When Notice To Parties; Assignment Of Mortgage.
Section 507.325 — Mortgage Securing Revolving Line Of Credit; Notice.
Section 507.328 — Mortgages And Deeds Of Trust Of Pipeline Companies; Filing And Recording.
Section 507.33 — Certain Recitals Not To Constitute Notice Of Mortgage.
Section 507.331 — Certain Recitals Disregarded.
Section 507.332 — Whether Recorded Recital Of Unrecorded Mortgage Is Notice.
Section 507.34 — Unrecorded Conveyances Void In Certain Cases.
Section 507.35 — When Deed To Trustee Ineffective; Cure.
Section 507.36 — Instruments Relating To Timber, Minerals.
Section 507.38 — When Deed Not Defeated By Defeasance.
Section 507.40 — Mortgages, How Discharged.
Section 507.401 — Title Insurance Company; Mortgage Release Certificate.
Section 507.402 — Discharge Of Mortgage From Contract For Deed Seller.
Section 507.403 — Certificate Of Satisfaction; Release Or Partial Release Of Mortgage By Assignee.
Section 507.41 — Penalty For Failure To Discharge.
Section 507.411 — Corporate Change Noted In Assignment, Satisfaction, Or Release.
Section 507.412 — Satisfaction Or Release By Fewer Than All Mortgagees.
Section 507.413 — Authority Of Mortgagee Designated As Nominee Or Agent.
Section 507.42 — Certain Deeds Validated.
Section 507.421 — Estates And Trusts; Conveyances, Satisfactions, Grants, And Releases.
Section 507.422 — Certain County Conveyances Validated.
Section 507.45 — Residential Real Estate Closings.
Section 507.46 — Certificate Of Translation Of Documents In Foreign Languages.
Section 507.47 — Creation Of Servitudes By Common Owner.
Section 507.48 — Bona Fide Purchasers Protected.
Section 507.49 — Certificate Of Custodianship.
Section 507.50 — Affidavit Of Custodian In Real Property Transactions.