Glossary

A tax-deferred swap of investment real estate under IRC section 1031, requiring identification within 45 days and closing within 180 days of the sale.

An FHA loan that finances the purchase of a property and the cost of repairing it in a single mortgage, based on the value after the work is done.

Belongings a tenant leaves behind after a tenancy ends, which a Minnesota landlord must handle under statutory procedure rather than simply disposing of.

An auction with no reserve and no minimum bid, where the property sells to the highest bidder whatever the price.

A compiled history of every recorded document affecting a Minnesota parcel, used to establish ownership under the abstract system.

Minnesota land outside the Torrens system, where ownership is established from a chain of recorded documents rather than a certificate.

Bringing an abstract of title current by adding documents recorded since it was last continued, required before a sale of abstract property.

The loan provision letting a lender declare the entire balance immediately due on default, rather than only the missed payments.

An insurance basis paying replacement cost minus depreciation, so age and wear reduce what a claim pays out.

A mortgage whose interest rate changes periodically against a published index, usually after a fixed introductory period of several years.

Acquiring title by occupying land openly and continuously for the statutory period, which in Minnesota is fifteen years and never applies to registered land.

Minnesota's small estate procedure allowing personal property up to $75,000 to be collected by sworn affidavit without probate — but not real estate.

What a property will be worth once planned renovation is complete, the figure every flip and rehab loan is underwritten against.

A Minnesota programme in which farmland is enrolled for long-term agricultural use in exchange for tax benefits and protection from development pressure.

The gradual repayment of a loan through regular payments that cover interest first and reduce principal by a growing amount each period.

A table showing every payment over a loan's life, splitting each into interest and principal and giving the remaining balance after each one.

An independent professional opinion of a property's market value, required by lenders to confirm the collateral supports the loan amount.

A clause letting a buyer withdraw or renegotiate if the property appraises below the contract price, protecting against having to cover the gap in cash.

A sale in which the seller makes no commitment to repair, with the buyer accepting the property in its current condition.

The value an assessor places on a property for tax purposes, which in Minnesota flows from estimated market value through classification to the tax bill.

Challenging a county assessor's estimated market value or classification, through informal review, local and county boards, or the Minnesota Tax Court.

The step by which a Minnesota city transfers an unpaid charge onto the property tax bill, making it enforceable through tax forfeiture.

The amount a wholesaler is paid to transfer a purchase contract to an end buyer, typically settled at closing.

Transferring the rights under a purchase agreement to another buyer, who then performs the contract in the original buyer's place.

A mortgage a qualified buyer can take over from the seller on its existing terms, keeping the original interest rate rather than obtaining new financing.

A statistical model estimating property value from recorded sales and property characteristics, without an inspection.

The immediate halt to collection actions, including a foreclosure sale, that takes effect the moment a bankruptcy petition is filed.

A large lump sum due at the end of a loan whose regular payments were too small to repay it, requiring refinance, sale or payoff at maturity.

Property held by a lender after an unsuccessful foreclosure sale, marketed for resale as REO inventory.

A structure secured with boarding over its openings, usually after vacancy or condemnation, and typically registered and fee-bearing.

A Minnesota doctrine fixing a boundary where the parties have long treated it as being, rather than at the surveyed line.

The servicer's written notice identifying a mortgage default and giving the borrower a deadline to cure before the loan is accelerated.

Short-term financing covering a gap between two transactions, most commonly buying before an existing property has sold.

A real estate broker's estimate of likely sale price, cheaper and faster than an appraisal and commonly used by lenders on distressed property.

Buy, rehab, rent, refinance, repeat — a rental acquisition strategy that recycles capital by refinancing against the improved value.

A parcel on which a structure can lawfully and practically be built, satisfying zoning, access, septic and environmental requirements together.

Insurance covering a structure under construction or renovation, along with materials on site, for the duration of the work.

A percentage added to the winning auction bid, paid by the buyer on top of the hammer price.

The Minnesota statutory process by which a seller terminates a defaulted contract for deed, ending the buyer's interest with no redemption period.

The ratio of a property's net operating income to its value, used to compare income properties and to convert income into a price.

Paying an occupant to leave a property voluntarily by an agreed date and in agreed condition, instead of pursuing eviction.

Annual pre-tax cash flow divided by the cash actually invested, measuring what a leveraged property returns on the money put in.

A city document certifying that a building is fit for its intended use and may lawfully be occupied, issued after construction or a change of use.

The document issued when a Minnesota foreclosure is redeemed, evidencing the redemption and recorded to show the sale no longer conveys title.

The Minnesota form a landlord must give each adult renter by January 31, showing rent paid, used to claim the Renter's Credit on the state tax return.

The document issued by a Minnesota registrar of titles that constitutes title to Torrens property, with interests shown as memorials on it.

The sequence of recorded conveyances tracing ownership of a property from the present back through each prior owner.

The bankruptcy chapter that lets a homeowner cure mortgage arrears over a multi-year plan while keeping the property.

The liquidation bankruptcy chapter, which discharges unsecured debt but provides no mechanism to cure mortgage arrears.

The neutral party who conducts a property closing, preparing the settlement figures, handling funds, and recording the documents that transfer ownership.

The fees and prepaid items paid at a property closing, separate from the down payment, typically running several percent of the purchase price.

The final five-page statement of a mortgage's actual terms and costs, which must reach the borrower at least three business days before closing.

Any recorded claim, defect or irregularity that casts doubt on ownership and must be resolved before a property can be sold cleanly.

A breach of a municipal housing, building or property maintenance code, recorded by the city and enforced through orders, fees and eventually assessments.

A policy clause reducing claim payments proportionally where the owner insured the property for less than a required percentage of its value.

Recent sales of similar nearby properties, adjusted for differences, used to estimate what a subject property is worth.

A local government's long-range policy document for land use and development, which zoning is expected to implement.

A building a city has declared unfit for occupancy, which must be vacated and cannot be reoccupied until it passes a code compliance inspection.

A Minnesota permit allowing a use the zoning ordinance lists as conditional in a district, subject to conditions and a public hearing.

A Minnesota installment plan converting delinquent property taxes into payments over five to ten years, which stops the forfeiture clock.

A mortgage that meets Fannie Mae and Freddie Mac guidelines including the annual loan limit, making it saleable on the secondary market.

The designation applied to tax-forfeited Minnesota land retained for public purposes rather than offered for sale.

A court appointment giving someone authority over the property and financial affairs of a person who cannot manage them.

The value given in exchange for a conveyance of real property, which determines the deed tax and appears on the eCRV in Minnesota.

Short-term financing that funds building work in stages, disbursed against completed progress and converted or repaid on completion.

A condition in a purchase agreement that must be satisfied or waived, giving the buyer a defined right to withdraw before a stated deadline.

A Minnesota seller-financed purchase in which the buyer takes possession but the seller keeps legal title until the balance is paid in full.

The buyer under a Minnesota contract for deed, holding equitable interest and possession while the seller retains legal title.

The seller under a Minnesota contract for deed, retaining legal title until the balance is paid while the buyer takes possession.

A mortgage not insured or guaranteed by a government agency, priced on the borrower's credit and equity and following private investor guidelines.

A city's written notice identifying code violations at a property and setting a deadline to fix them, backed by escalating enforcement.

Valuing property by estimating what it would cost to replace the improvements, less depreciation, plus the land value.

A response that changes the terms of an offer, which terminates the original offer and creates a new one.

The county office administering tax-forfeited land in Minnesota, from classification through management to public sale.

The county office that maintains the public record of documents affecting abstract property, including deeds, mortgages, liens and easements.

The landlord's statutory obligation in Minnesota to keep a rental property fit to live in and in compliance with health and safety codes.

Bringing a defaulted mortgage current, which in Minnesota remains available up to the sheriff's sale and costs the arrears rather than the full balance.

The share of a borrower's gross monthly income consumed by debt payments, used by lenders as the primary test of whether a loan is affordable.

Voluntarily conveying property to the lender to settle the mortgage debt, avoiding the foreclosure process entirely.

The written instrument that transfers an interest in real property from grantor to grantee, effective on delivery and recorded to bind third parties.

Filing a deed in the public record so the transfer is effective against third parties, done through the county recorder or the registrar of titles.

Minnesota's transfer tax on recorded conveyances, charged at 0.33 percent of net consideration with an additional levy in Hennepin and Ramsey counties.

Repairs and upkeep postponed rather than performed, accumulating as a hidden liability that reduces a property's value and eventually its habitability.

A judgment for the shortfall when a foreclosure sale raises less than the debt, barred in most Minnesota residential foreclosures by advertisement.

The published county record of Minnesota parcels with unpaid property taxes, filed with the court as the basis for a tax judgment.

A city order requiring a structure to be removed, issued where a building is beyond repair or presents a hazard that cannot otherwise be addressed.

A public record indicating a property or its owner is under financial or physical pressure, from foreclosure filings to code violations.

Two separate transactions closing in sequence, where a buyer purchases a property and immediately resells it to an end buyer.

Debt service coverage ratio: net operating income divided by annual debt service, measuring whether a property covers its own loan payments.

An arrangement where one broker represents both buyer and seller in the same transaction, permitted in Minnesota only with written informed consent.

A defined window in which a buyer may investigate a property and withdraw, broader than a standard inspection contingency.

A mortgage provision letting the lender demand full repayment when the property is sold or transferred, which is what makes most loans non-assumable.

A property policy written for dwellings the owner does not occupy, covering the structure with narrower terms than a homeowners policy.

A deposit a buyer places at contract signing to demonstrate commitment, held by a third party and credited toward the purchase at closing.

A right to use another's land for a specific purpose, running with the property rather than belonging to a particular owner.

A court-recognised right of access across land that was once commonly owned, arising where a parcel would otherwise be landlocked.

A loss in property value caused by factors outside the property itself, which the owner cannot correct at any price.

Minnesota's electronic Certificate of Real Estate Value, filed when property sells for more than $3,000, recording the sale terms for tax purposes.

An expedited Minnesota court action available to tenants where essential services are lost or a building is condemned.

Any claim, right or restriction affecting property that is held by someone other than the owner, including liens, easements and covenants.

Determining that records in different sources refer to the same property or the same owner, despite differing identifiers and name formats.

The common law right to stop a foreclosure by paying the debt before the sale, distinct from the statutory right that operates afterwards.

Someone who acquires a Minnesota home in foreclosure through a reconveyance transaction, subject to strict statutory duties and a five-day cancellation right.

The gap between what a property is worth and what is owed against it, which determines whether a distressed owner has anything to protect.

Extracting a homeowner's accumulated equity through a transaction structured so they cannot recover the property.

A lender-held account that collects part of each mortgage payment to pay property taxes and insurance premiums when they fall due.

The annual review in which a mortgage servicer recalculates the escrow payment against expected tax and insurance bills for the coming year.

A closing conducted through a neutral third party who holds funds and documents and disburses when all conditions are satisfied.

A deficit in a mortgage escrow account, usually caused by rising taxes or insurance, which increases the monthly payment until it is made up.

The person appointed to administer an estate where there is no will — called a personal representative in Minnesota.

The personal representative's list of a decedent's assets and their values, forming the basis for administration and distribution.

The county assessor's estimate of what a Minnesota property would sell for, and the starting figure from which the tax bill is calculated.

The Minnesota court proceeding by which a landlord recovers possession of a rental property, the only lawful means of removing a tenant.

Recovering possession from an occupant once a Minnesota redemption period has expired and the sheriff's certificate has become title.

A court order sealing an eviction case record in Minnesota, removing it from public view and from the tenant screening reports built on it.

A lawyer appointed by a Minnesota district court to advise the registrar of titles and resolve questions on registered land.

The person named in a will to administer an estate — a term Minnesota does not use, preferring personal representative.

What happens when a Minnesota redemption period expires unredeemed: the sheriff's certificate becomes title automatically, with no further document.

A lien arising in favour of the United States for unpaid federal tax, which survives a foreclosure sale unless the IRS was given proper notice.

The most complete form of property ownership, of unlimited duration and freely transferable, subject only to government powers and recorded encumbrances.

A mortgage insured by the Federal Housing Administration, allowing lower credit scores and small down payments in exchange for mandatory insurance premiums.

The buyer's last inspection of a property shortly before closing, confirming its condition has not changed and agreed repairs were completed.

A purchase agreement clause letting the buyer withdraw and recover their deposit if the mortgage they applied for is not approved by a stated deadline.

Minnesota's shortened redemption window, applying where a property is found abandoned or where the owner postponed the sheriff's sale.

A mortgage whose interest rate stays the same for the whole term, so the principal and interest portion of the payment never changes.

Separate coverage for damage from rising water, excluded by standard property policies and required by lenders in designated high-risk flood zones.

Selling property without listing it with a real estate broker, handling marketing, negotiation and paperwork directly.

A temporary agreement to pause or reduce mortgage payments, after which the missed amounts still have to be dealt with.

Coverage a lender buys and charges to the borrower when the required homeowners insurance lapses, typically several times the cost of a normal policy.

Minnesota's judicial foreclosure under chapter 581, brought as a lawsuit ending in a court judgment, a confirmed sale and a preserved deficiency claim.

Minnesota's non-judicial foreclosure process under chapter 580, conducted by published notice and sheriff's sale without a court proceeding.

Anyone who offers, for compensation, to help a Minnesota homeowner stop or delay a foreclosure — a role regulated under chapter 325N.

The notice Minnesota requires be given to homeowners facing foreclosure, directing them to free HUD-approved housing counselling.

Minnesota's farmer-lender mediation, which requires a creditor to offer mediation before enforcing a debt against agricultural property.

The six weeks a Minnesota foreclosure sale notice must be published before the sheriff's sale can take place.

A Minnesota transaction in which a homeowner in foreclosure transfers title with an arrangement to remain in and later recover the property.

A scheme targeting homeowners in foreclosure, extracting fees or equity in exchange for help that is worthless or never delivered.

A Minnesota court proceeding to administer an estate, used where a will is contested, unclear or missing, or where the court must decide something.

A loss in property value caused by the building's own design or features being outdated or poorly suited to current use.

The party receiving an interest in real property under a deed, whose name and vesting language determine how the interest is held going forward.

The party conveying an interest in real property, named in the deed as the person or entity giving up what is being transferred.

A Minnesota programme taxing farmland on its agricultural value rather than market value, with the difference deferred until the land stops qualifying.

A court appointment giving someone authority over the personal care and decisions of an adult who cannot manage them, distinct from authority over property.

Short-term asset-based financing secured by property, priced on the deal rather than the borrower and used where speed matters more than cost.

The portion of property insurance covering physical damage to the structure, which is the part a mortgage lender actually requires.

The people entitled to inherit under the intestacy statutes when someone dies without a will, distinct from beneficiaries named in a will.

Property inherited by multiple heirs without a probate or clear title, held in undivided shares that make it difficult to sell, finance or insure.

A home equity line of credit: a revolving loan secured against a property, with a draw period followed by a repayment period.

An association's lien for unpaid assessments on a Minnesota common interest community unit, carrying a limited priority ahead of a first mortgage.

Someone remaining in a property after their right to possess it has ended, such as a former owner after a Minnesota redemption period expires.

A professional visual examination of a property's condition and systems, commissioned by the buyer to identify defects before the purchase becomes binding.

A policy covering damage to a home and its contents plus liability for injuries on the property, required by every mortgage lender.

A term Minnesota uses in three distinct legal senses: a property tax classification, a creditor exemption, and a status in marital and probate law.

The form filed with a Minnesota county assessor to obtain homestead classification, due by December 31 for taxes payable the following year.

The Minnesota property tax classification for an owner-occupied primary residence, which lowers the tax bill and must be applied for by December 31.

Minnesota's rule passing a homestead to the surviving spouse — outright with no descendants, as a life estate where there are — whatever the will says.

A Minnesota reduction in taxable value for owner-occupied homes, worth up to $38,000 and phasing out entirely above $517,200.

A property acquired by HUD after an FHA-insured mortgage foreclosure, sold through a designated online process with owner-occupant priority.

A free, federally approved adviser who helps homeowners deal with mortgage servicers, loss mitigation applications and foreclosure prevention.

A landlord's unlawful exclusion of a tenant by changing locks, removing belongings or cutting utilities, prohibited in Minnesota regardless of rent owed.

A valuation method deriving property value from the income it produces, used for rental and commercial property.

Minnesota's administrative route to appointing a personal representative, handled by the probate registrar without a court hearing.

A purchase agreement clause giving the buyer a defined period to inspect the property and withdraw, renegotiate, or request repairs based on what is found.

A lender's signature required on a property insurance claim payment, giving it control over how repair funds are released.

A Minnesota permit allowing a temporary use of property until a set date, a stated event, or until the zoning no longer permits it.

Dying without a valid will, so that Minnesota's statutory rules rather than the decedent's wishes determine who inherits.

Co-ownership with a right of survivorship, under which a deceased owner's interest passes automatically to the survivors without probate.

A lien on real property created by docketing a money judgment, which in Minnesota attaches for ten years from entry of the judgment.

Foreclosure conducted through a court action, which in Minnesota is foreclosure by action under chapter 581 and is comparatively rare.

A mortgage larger than the conforming loan limit for its county, held by the lender or sold privately rather than to Fannie Mae or Freddie Mac.

The right of lienholders junior to a foreclosed Minnesota mortgage to redeem in priority order after the owner's redemption period ends.

A creditor whose lien ranks behind another, whose security is extinguished when the senior lien forecloses unless they redeem.

A local requirement that a landlord have one of a defined list of reasons to end a tenancy, adopted by some Minnesota cities rather than statewide.

Land with no legal access to a public road, reachable only by crossing property belonging to someone else.

Property insurance written for a rental dwelling, covering the structure, liability and lost rental income but not the tenant's belongings.

A landlord's limited right to enter an occupied rental in Minnesota, which requires a reasonable purpose and reasonable notice except in emergencies.

A landlord's claim against a tenant's personal property for unpaid rent — a remedy Minnesota does not give residential landlords.

A lease combined with a right to buy the property at a set price within a stated period.

The formal written identification of a parcel's boundaries used in deeds and recorded documents, distinct from its street address.

A use or structure that was lawful when established but no longer complies with current zoning, permitted to continue but generally not to expand.

The title insurance policy protecting a mortgage lender's security interest, required on nearly every loan and covering only the lender.

The court document evidencing a personal representative's authority to act for a Minnesota estate, required by title companies, lenders and banks.

Court authority permitting a personal representative or conservator to sell real property where the appointment does not already allow it.

A legal claim against property securing a debt or obligation, which must generally be satisfied before the property can be sold with clear title.

The order in which liens are paid from a property, generally determined by recording date but with statutory exceptions that outrank everything.

An interest in property lasting for someone's lifetime, after which it passes automatically to the remainderman.

A deed warranting title only against defects arising during the grantor's own ownership, not against anything earlier.

A recorded notice that a lawsuit affecting title to real property is pending, binding anyone who buys or lends against the property afterward.

The contract between a seller and a real estate broker setting the terms on which the property will be marketed and the commission earned.

A standardised three-page disclosure a lender must provide within three business days of a mortgage application, setting out the rate, payment and costs.

A permanent change to the terms of an existing mortgage, used to make payments affordable for a borrower in difficulty without refinancing.

Fees charged as a percentage of the loan amount, paid at closing, either to reduce the interest rate or as compensation to the lender.

The amount borrowed and still owed on a loan, separate from the interest charged on it and from any escrow or fees collected alongside.

The ratio of loan balance to property value, used by lenders to price risk and by owners to understand whether they have options.

The first formal level of Minnesota property assessment appeal, convened locally each spring to hear challenges to value and classification.

The set of alternatives to foreclosure a mortgage servicer can offer a borrower in difficulty, from repayment plans to modification to an agreed sale.

A party named on an insurance policy as entitled to claim proceeds, typically a lender protecting its interest in the insured property.

The legal description system referencing a recorded plat by lot number, block number and subdivision name.

Dividing an existing parcel into two or more, generally through a simplified administrative process rather than a full subdivision plat.

Title free enough from defects and doubt that a reasonable buyer would accept it without fear of litigation.

A contractor's or supplier's lien on improved Minnesota property, which must be filed and served within 120 days of last furnishing labour or materials.

A legal description defining a boundary by directions and distances from a fixed starting point, running the perimeter and closing where it began.

A simplified land division process for a small number of parcels not requiring new streets or public improvements.

A periodic tenancy continuing indefinitely until either party gives notice, offering flexibility to both sides at the cost of security of term.

A failure to meet the mortgage's terms — usually missed payments, but also unpaid taxes, lapsed insurance or unauthorised transfer.

The insurance charge on an FHA loan, consisting of an upfront payment at closing and an annual premium that often runs for the life of the loan.

The charge a lender makes for lending money, calculated on the outstanding loan balance and paid as part of each monthly mortgage payment.

A lender's conditional commitment to lend a stated amount after reviewing a borrower's credit, income and assets, stronger than a pre-qualification.

An informal estimate of what a borrower might be able to borrow, based on figures they state rather than documents a lender has verified.

Minnesota's tax on recording a mortgage, charged at 0.23 percent of the debt secured and payable by the borrower.

An agreement to clear mortgage arrears by paying an additional amount alongside the regular payment for a set number of months.

The company administering a mortgage — collecting payments, managing escrow and handling default — which is often not the party that owns the loan.

The handover of a loan's day-to-day administration from one servicer to another, which changes where payments go but not the loan's terms.

The lender holding a mortgage, entitled to enforce the security against the property if the borrower defaults.

The borrower who grants a mortgage over their property as security for a debt, retaining title and possession while the loan is outstanding.

Combining several independent public distress indicators on one property to describe its situation more accurately than any single signal can.

A loan balance that grows rather than shrinks, because the scheduled payment is less than the interest accruing on it.

A property's income after operating expenses and vacancy but before debt service, taxes on income and capital costs.

An estimate of what a seller will actually receive from a sale after paying off the mortgage, commission, taxes and closing costs.

The designation applied to tax-forfeited Minnesota land that will be offered for sale rather than retained for public purposes.

Minnesota property tax treatment for property not occupied by its owner, carrying a higher rate and no market value exclusion.

Foreclosure conducted without a court, under a power of sale in the security instrument — which in Minnesota means foreclosure by advertisement.

A recorded notice starting foreclosure in deed of trust states, which Minnesota does not use — its public sequence begins differently.

The recorded notice a Minnesota junior lienholder must file to preserve the right to redeem foreclosed property after the owner's period expires.

The published notice announcing a Minnesota sheriff's sale, which must run for six weeks and be served on any occupant four weeks before the sale.

The document a Minnesota lender records to begin a foreclosure by advertisement, and the earliest public sign that a foreclosure has started.

The published and mailed notice opening the period in which claims against a Minnesota estate must be presented, after which they are generally barred.

Written notice ending a tenancy and requiring the tenant to leave by a stated date, given by either the landlord or the tenant.

A property whose condition or activity harms the surrounding neighbourhood, subject to abatement, escalating enforcement and cost recovery.

Buying a property that someone is still living in, where possession must be obtained separately from title.

A buyer's proposal to buy on stated terms, which becomes a binding contract when accepted.

A designated area where reinvested capital gains receive federal tax benefits, restructured for investments made from 2027 onward.

The lender's charge for processing and underwriting a loan, expressed as a percentage of the loan amount or a flat sum.

Systematically recording what actually happened to each distressed property, rather than counting filings and stopping there.

The title insurance policy that protects the buyer rather than the lender, optional at closing and lasting as long as the owner holds the property.

A defined unit of land with its own identification number, assessed, taxed and conveyed as a single property.

The county-assigned number identifying a parcel for tax and record purposes, which is not unique across Minnesota counties.

An FHA loss mitigation option that pays a borrower's arrears with an interest-free subordinate lien repayable on sale, refinance or payoff.

A lender's written statement of the exact amount required to satisfy a loan on a specific date, including accrued interest, fees and a daily per diem.

A soil test measuring how quickly water drains, used with soil borings to determine whether and how a septic system can be built.

The person appointed to administer a Minnesota estate, holding authority to sell property, pay debts and distribute what remains to the heirs.

A deed conveying Minnesota estate property, signed by the personal representative under authority granted by the probate court.

A recorded survey map dividing land into numbered lots and blocks, creating the legal descriptions used to convey them.

The termination of an insurance policy for non-payment of premium, which on a mortgaged property triggers lender-placed coverage at far higher cost.

The date the buyer is entitled to occupy the property, which is set by the purchase agreement and is not automatically the closing date.

Delaying a Minnesota foreclosure sale — by the lender, or by an owner-occupant trading months of delay for a five-week redemption period.

The mortgage provision authorising a lender to sell the property on default without a court proceeding, which makes non-judicial foreclosure possible.

The Minnesota notice a lender must give a homeowner before starting foreclosure, including information on free foreclosure prevention counselling.

A fee charged for paying off a loan early, protecting the lender's expected interest and restricting refinancing during the penalty period.

Financing from individuals or private entities rather than institutions, negotiated directly and secured against property.

Insurance protecting the lender when a conventional borrower puts down less than twenty percent, paid by the borrower and cancellable at set thresholds.

The court process that settles a deceased person's estate, required in Minnesota for real estate held in the decedent's name alone whatever its value.

The sale of property from a Minnesota estate by the personal representative, subject to the authority granted in the letters and the terms of appointment.

The Minnesota classification identifying a property's use, which determines the rate applied to its taxable value and the programmes it qualifies for.

A court appointing someone to manage a property in place of its owner, used where an owner will not or cannot maintain it.

Unpaid Minnesota property taxes carried past their due date, which begin accruing penalty and interest and start the clock toward forfeiture.

The charges added to unpaid Minnesota property taxes, which escalate over time and frequently exceed the original tax owed.

The division of ongoing property costs between buyer and seller at closing, so each pays only for the period they owned the property.

Federal law requiring a foreclosure purchaser to honour existing leases and give bona fide tenants at least ninety days' notice to vacate.

The rectangular survey grid of townships, ranges and sections used to describe most land in Minnesota outside platted subdivisions.

The binding contract setting out the price, terms and conditions on which a property will be sold, and the deadlines both parties must meet.

A Minnesota court action under chapter 559 to determine adverse claims and establish ownership where the record cannot resolve it.

A deed conveying whatever interest the grantor holds, with no warranty that they hold anything at all.

A lender's commitment to hold a quoted interest rate for a set period while a loan closes, protecting the borrower against increases before funding.

A revision of a property's assessed value, which in Minnesota happens annually and can be triggered by a sale, improvement or classification change.

What it costs to redeem foreclosed Minnesota property: the sale price plus daily interest and the costs the certificate holder has advanced.

The window after a Minnesota sheriff's sale in which the former owner can reclaim the property by paying the sale price plus interest and costs.

The share of foreclosed properties reclaimed by the owner during the redemption period, which Govire measures at 34.6 percent across 315 Minnesota windows.

A Minnesota redemption window shortened below the statutory default, by an abandonment finding, an owner's postponement, or a voluntary foreclosure.

Minnesota property brought into the Torrens system, where a court-determined certificate of title replaces the abstract chain.

The Minnesota office that issues and maintains certificates of title for Torrens property, operating under the control of the district court.

Bringing a defaulted Minnesota mortgage current by paying the arrears and costs, available at any time before the sheriff's sale.

A lender's figure for the amount needed to bring a defaulted loan current, as opposed to paying it off entirely, valid only through a stated date.

Minnesota homestead classification for property occupied by a qualifying relative of the owner rather than by the owner.

A recorded document discharging a lien from a property, required to clear the record once the underlying obligation has been satisfied.

The party who takes ownership of property when a life estate ends, holding a present vested interest that becomes possessory on the life tenant's death.

A Minnesota procedure letting a tenant pay rent into court rather than to the landlord where the property has unrepaired code violations.

A local limit on how much rent may be increased in a year, adopted by some Minnesota cities rather than existing as statewide law.

A municipal permit required to rent out residential property in many Minnesota cities, typically involving inspection and subject to revocation.

A city withdrawing a landlord's authority to rent a property, which in Minnesota also opens an emergency route to court for the tenants.

A municipal requirement to register or licence rental property, with inspection and compliance obligations attached.

A refundable Minnesota tax credit for renters, now claimed on the state income tax return rather than the discontinued property tax refund form.

Real estate owned: property a lender has taken onto its own books after a foreclosure that produced no third-party buyer.

An insurance basis paying what it costs to rebuild or replace damaged property today, without deducting for age or wear.

The minimum a seller will accept at auction, below which the property is not sold.

The contract governing a tenancy, setting the term, rent, and each party's obligations, subject to statutory protections that override contrary terms.

A recorded restriction on how land may be used, running with the property and binding subsequent owners.

The statutory right to reclaim foreclosed property by paying the sale price plus interest and costs within a fixed period after the sheriff's sale.

A Minnesota programme extending agricultural tax deferment to class 2b rural vacant land that forms part of an agricultural homestead.

Valuing property by comparing it to recent sales of similar properties, with adjustments for the differences between them.

The Minnesota Department of Revenue analysis comparing assessed values against actual sale prices, used to test whether assessments are accurate.

The recorded document confirming a mortgage has been paid in full and releasing the lien from the property.

A required holding or history period before a lender will lend against a property's current value or accept certain funds.

A mortgage ranking behind an existing first mortgage on the same property, wiped out if the first forecloses unless the holder redeems.

A federal Housing Choice Voucher subsidising rent for eligible low-income households, paid to the landlord with the tenant covering the balance.

The three coordinates locating a parcel within the public land survey grid, read from the range and township down to the section.

Money a tenant pays to secure performance of a lease, which Minnesota requires to be returned with interest within three weeks of the tenancy ending.

The seller extending credit to the buyer for part or all of the purchase price, secured against the property.

The written statement of known material facts a Minnesota seller must give a buyer before signing an agreement to convey the property.

A lien ranking ahead of others against the same property, which survives a foreclosure by a junior lienholder and is paid first from any sale.

A Minnesota seller's required written statement about a property's subsurface sewage treatment system, its location, and whether it complies with standards.

The minimum required distance between a structure and a lot line, road, or protected feature such as a lake or wetland.

The itemised accounting of every debit and credit in a property closing, showing exactly what each party pays and receives at the table.

The document a Minnesota sheriff issues to the winning bidder at a foreclosure sale, which becomes title if the redemption period expires unredeemed.

A deed executed by a sheriff conveying property sold under a court judgment, used in Minnesota foreclosures by action rather than by advertisement.

The public auction at which a foreclosed Minnesota property is sold by the county sheriff, starting the former owner's redemption period.

Minnesota local regulation of land near lakes and rivers, setting lot sizes, setbacks and impervious limits based on water body classification.

A sale for less than the mortgage balance, requiring the lender's agreement to release its lien and accept the shortfall.

Minnesota's standard post-foreclosure redemption window, running from the sheriff's sale date and applying to most residential foreclosures.

A charge levied by a Minnesota city against a specific property for improvements or services benefiting it, collected with the property taxes.

A Minnesota surviving spouse's right to claim a percentage of the augmented estate instead of what the will provides, scaled by length of marriage.

The instrument conveying tax-forfeited Minnesota land out of state ownership, issued by the Department of Revenue after a sale or repurchase.

A lien in favour of the Minnesota Department of Revenue for unpaid state tax, attaching to a taxpayer's property once filed.

The right to reclaim foreclosed property after the sale, created by statute rather than by contract or equity, and available in Minnesota.

The division of land into smaller parcels, regulated by local ordinance and generally requiring a recorded plat and public approval.

Buying a property while leaving the existing mortgage in place and in the seller's name, without formally assuming the loan.

An agreement by a lienholder to rank behind a lien that would otherwise be junior to theirs, most often to permit a refinance.

Rental housing where a government programme covers part of the rent or funds the property, with tenant protections that survive a sale.

A simplified Minnesota probate closing available where the estate's value does not exceed the exempt property, allowances and costs of administration.

A statistical curve showing what share of properties remain unresolved over time, handling windows that have not yet finished.

Occupying a home you do not hold clear legal title to, usually because an inheritance was never probated or a deed was never properly transferred.

A deed conveying property sold for unpaid taxes, used in states that auction the property itself rather than the tax debt.

The loss of Minnesota property title to the state for unpaid property taxes, after a tax judgment and a redemption period that is usually three years.

A former Minnesota owner's opportunity to buy back tax-forfeited property under chapter 282, subject to conditions and county approval.

Proceeds exceeding the taxes and costs when forfeited Minnesota property is sold, which the former owner may now be entitled to claim.

The court judgment entered against a Minnesota parcel for unpaid property taxes, which permits the parcel to be sold to the state and starts redemption.

A government claim against property for unpaid tax, which in the case of property tax outranks every other lien regardless of when it arose.

A certificate sold to investors in tax lien states representing the paid tax debt, earning statutory interest until the owner redeems.

The two dominant American systems for enforcing unpaid property tax, and why Minnesota's forfeiture process is neither of them.

Minnesota property whose title has passed to the state for unpaid taxes, held in trust for the local taxing districts pending sale or public use.

The county-run public sale of Minnesota land forfeited for unpaid taxes, conveying by state deed with no redemption period attached.

The Minnesota property value actually used to calculate the tax bill, after exclusions and deferrals are subtracted from estimated market value.

Co-ownership in undivided shares with no right of survivorship, where each owner's interest passes to their own heirs on death.

What happens to a tenant when the property is sold or foreclosed, including the federal protections that survive a foreclosure sale.

A Minnesota court action under section 504B.395 to compel repairs in rental housing, brought by tenants or in some cases by local authorities.

The protections a renter keeps when their rental is foreclosed, including the right to remain through the redemption period and federal notice rights.

Dying with a valid will, so that the decedent's directions rather than the intestacy statutes determine who inherits.

Minnesota's standard redemption period after a tax judgment sale, applying to most property since the five-year distinction was removed in 2014.

How long a distressed property takes to reach resolution, measured from the sheriff's sale to the event that ends the window.

The insurer's statement of what it will cover, listing the requirements to be met and the exceptions it will not insure against.

A firm that searches title, issues title insurance, and usually handles the closing, holding and disbursing funds between buyer, seller and lender.

What a title insurance policy actually pays for — losses from ownership defects existing before the policy date and not excepted from it.

Insurance against defects in ownership that a title search did not reveal, paid once at closing and covering losses rather than future events.

A lender requirement that a borrower has held title for a stated period before it will lend against the property's current appraised value.

A Minnesota land registration system in which a court-issued certificate of title is the title itself, rather than evidence assembled from recorded documents.

A Minnesota deed that transfers property to a named beneficiary on the owner's death, avoiding probate — but only if recorded before death.

A foreclosure auction conducted by a trustee under a deed of trust, a mechanism Minnesota does not use.

A Minneapolis requirement that a licensed evaluator inspect a home before it is shown for sale, producing a report of required repairs.

The extended Minnesota redemption window applying in seven specified circumstances, including large acreage and mortgages substantially paid down.

The 2023 Supreme Court decision holding that keeping the surplus value of tax-forfeited property may violate the Takings Clause.

The lender's assessment of whether to make a loan, weighing the borrower's income, credit, assets and the property itself against the risk of loss.

A finding that a dwelling's conditions make it unsafe or unsanitary to live in, forming the basis for condemnation and for tenant remedies.

A no-down-payment mortgage guaranteed by the Department of Agriculture for moderate-income buyers in designated rural and small-town areas.

A municipal claim for unpaid water, sewer or refuse charges, commonly certified to the property tax bill and enforced through the tax process.

A mortgage guaranteed by the Department of Veterans Affairs for eligible service members and veterans, with no down payment and no monthly mortgage insurance.

A city requirement that owners of empty buildings register them and pay an annual fee — $7,228.70 in Minneapolis, levied as a tax assessment if unpaid.

The annual charge a Minnesota city levies on a registered vacant building, which escalates and can be certified onto the property tax bill.

Coverage designed for buildings standing empty, filling the gap left when a standard policy restricts or voids cover after a vacancy period.

A deed in which the grantor warrants title against all defects, including those arising before they owned the property.

The private water and sewage systems serving Minnesota property without municipal service, each regulated and each carrying disclosure duties at sale.

A Minnesota document identifying every known well on a property being sold, required by statute and not waivable by the buyer.

Minnesota's law requiring wetland impacts to be avoided, minimised or replaced, administered locally with a no-net-loss objective.

Contracting to buy a property and assigning that contract to another buyer for a fee, without taking title.

Buying a distressed property, doing minimal work, and reselling it on the open market rather than to another investor.

A seller-financed mortgage that encompasses an existing loan, with the seller collecting from the buyer and continuing to pay the underlying lender.

The Minnesota court order directing the sheriff to remove an occupant and restore possession to the party entitled to it.

Municipal regulation dividing land into districts and controlling what may be built and how property may be used within each.

A mapped area within a jurisdiction subject to a specific set of permitted uses and dimensional requirements.

Permission to depart from a dimensional zoning requirement where compliance would cause practical difficulties, under Minnesota's post-2011 standard.