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Contract for deed limit increased (new law)

Published (5/16/2008)
By Thomas Hammell
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The limits allowed for one type of home loan will increase under a largely technical law signed May 8 by Gov. Tim Pawlenty.

The law raises the allowable “contract for deed” mortgage from $100,000 to $300,000. When a house is purchased under this system, the buyer gets the deed to the property only after the loan is paid off.

The law also provides penalties and remedies for a broker’s failure to comply with regulations. This section is effective May 9, 2008.

This new limit takes effect Jan. 1, 2009. The law is sponsored by Rep. Jim Davnie (DFL-Mpls) and Sen. Linda Scheid (DFL-Brooklyn Park).


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