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When there is no additional consideration over $3,000 for executing and delivering the corrective deed over and above the consideration already taxed for the original deed, only the minimum deed tax of $1.65 is charged on the quit claim deed.

In Minnesota there is a tax on the transfer of property, commonly called the deed tax. Typically the tax is paid by the seller of property, although a purchase agreement can be negotiated to have the buyer pay the tax.

The way a quitclaim deed works is that this type of transfer makes no seller guarantees. It merely states that the seller transfers any ownership interest to the buyer. So if the seller has absolutely no ownership interest in the property, that's precisely what transfers in a quitclaim deed to any buyer.

Deed tax is imposed on each deed by which any real property in Minnesota is granted, assigned, transferred or otherwise conveyed. The tax amount is determined by multiplying . 0033 times the consideration amount. If the considerations is $500 or less, the minimum deed tax is $1.65.

(6) Within four months of signing the contract for deed, you must "record" it in the office of the county recorder or registrar of titles in the county in which the property is located.

A rent to own is still a lease agreement with a landlord/tenant relationship, while contract for deed allows you to purchase the property and enjoy all the benefits of home ownership. In fact, contract for deed is the only alternative home financing option available to buyers who still want to own their home.