How to do a 1031 Exchange in Minnesota. Complete your purchase agreement as to your Relinquished Property just as you would with a regular sale.The state of Minnesota charges a fee, sometimes called deed tax, transfer tax, or mortgage registration tax. Enter names exactly as they appear on the property deed. Indicate full name of spouse even if spouse is not shown on the property deed. Deed Tax information regarding Real Property Exchange and Real Property Exchange-IRC 1031 can be found below. By completing a 1031 Exchange. A property seller may avoid the payment of taxes.