Minnesota Passes New eCRV Law
The Minnesota legislature just passed a new law relating to Electronic Certificates of Value, more commonly known as "eCRVs". Under the current legislation, an eCRV must be filed when Minnesota real property is sold or conveyed for consideration greater than $1,000. The new law goes into effect on January 1, 2020 and will raise the minimum consideration amount to $3,000.
An eCRV is a current record of the value of Minnesota real estate that includes specific information about the sale of property. It will include information about the seller and the buyer, such as their name, contact information, and social security or tax ID number. It will also include information about the property, such as the legal description, acreage, parcel ID, location, planned use and prior use. An eCRV will further contain information about the sale, including the date of the sale, the purchase price, the amount the seller paid, the down payment, financing details, and other personal property details. The information included in an eCRV is public information, with the exception of social security or tax ID numbers of the parties, which remain confidential. It’s important to note that an owner of real property cannot apply for a homestead exemption until an eCRV has been filed.
Transactions that may require an eCRV include conveyances made through instruments such as:
Contract for Deed (including any amendments that change contract price)
Deed assigning a vendee’s new interest in a Contract for Deed
Deed following a satisfaction of Contract for Deed if the conveyance did not follow the instructions laid out in the recorded Contract for Deed.
Personal Representative Deed
Post-Foreclosure Bank Sale
Quit Claim Deed
Trustee’s, Conservator’s, or Personal Representative’s Deed
Knowing when an eCRV is required and what information needs to be included is an important aspect to any real estate transaction. Do you have questions on real estate or the new eCRV requirements? Contact our office or book an appointment online and one of our experienced real estate attorneys will be able to assist you.