The certificate of value must include data regarding the type of purchase or transfer and must require the buyer to indicate if:
the buyer and seller are natural persons related to each other (the relation may be by blood, marriage, or adoption) or are related business operations;
the property was transferred or conveyed to a government or a charitable organization as defined in section 501(c)(3) of the Internal Revenue Code;
the transfer or conveyance was intended only to add or remove a coowner's name from the title of the property;
the property was transferred or conveyed as part of a forced sale such as foreclosure or condemnation;
the property was transferred or conveyed in fulfillment of a contract for deed or other purchase agreement dated more than two years before the transfer.
If none of the descriptions in subpart 1 apply, the buyer must provide the data required by items A to I.
Type of property transferred or conveyed, including, but not limited to: land only; land with buildings; buildings only; and information relating to any new construction, demolition, or additions to buildings which occurred between January 1 of the year of sale and date of the original agreement.
Whether the principal intended use of the property is:
a use other than those listed in subitems (1) to (5) with a brief description of intended use.
Date of original agreement establishing the sales price of the property being transferred. Usually this will be the date of the earnest money agreement or other similar agreement requiring performance at an agreed price.
Total purchase price of all real, personal, or intangible property being transferred or conveyed as established by the original agreement.
Information regarding any preexisting financing for which the buyer will assume responsibility from the seller for repayment of the debt, which must include:
if scheduled payments are not on a monthly basis, a description of the payment schedule including frequency and amount of each payment;
if the interest rate is subject to change during the repayment period, a description of the anticipated change; and
date of any lump sum payments required at or before the end of the amortization period.
If the buyer is assuming the seller's obligation to repay on more than one debt, the certificate must include full details on each debt.
Information regarding any new loans obtained by the buyer, including:
if scheduled payments are not on a monthly basis, a description of the payment schedule including frequency and amount of each payment;
if the interest rate is subject to change during the repayment period, a description of the anticipated change;
points paid and whether paid by the seller or the buyer (but not to include origination fees); and
date of any lump sum payments required at or before the end of the amortization period.
If the buyer is financing the purchase of the property through more than one debt, full details will be required on each debt.
Value of all personal property included in total sales price, including, but not limited to:
stoves, refrigerators, other appliances, drapes, tools, and accessories, as part of the transfer of residential property;
crops, livestock, tools, machinery, or equipment as part of the transfer of agricultural property; and
Value of all intangible property included in total sales price, including, but not limited to, goodwill, licenses, franchises, patents, or business name as part of the transfer of a business operation.
9 SR 914; 27 SR 1603; L 2005 c 151 art 1 s 114
November 14, 2006
Official Publication of the State of Minnesota
Revisor of Statutes