Minn. R. agency 109, ch. 1651, SELLER-SPONSORED LOAN PARTICIPATION PROGRAM, pt. 1651.0031 - SELLER ELIGIBILITY
To qualify as an eligible seller under the program, a seller must meet the following criteria:
A. a
seller must be in compliance with Minnesota Statutes, section
500.24,
and selling a farm located within Minnesota;
B. the seller must complete a seller-assisted
loan commitment form certifying that the seller will partially finance the
purchase of the farm property by making a loan to the borrower;
C. the seller's loan to the borrower must be
for the additional required financing necessary to complete the transaction
after the down payment, if any;
D.
the seller's financing made to the borrower must be subordinated to the first
mortgage loan of the lender in which the RFA is a participant; and
E. the seller must disclose all of the terms
and conditions of the seller-assisted sale in a written purchase agreement to
be given to the lender at the time of application.
Notes
Statutory Authority: MS s 41B.07; 41C.13
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