Buying a home in Minnesota? Here are three questions you should be prepared to answer at the closing table.
1) How do you want to take title? Most married couples go into title as joint tenants, which means that if one dies their portion automatically goes to the other. Tenants in common don't have to own equal shares and ownership follows probate. In Minnesota, even if you go into title as a sole owner your spouse automatically has joint ownership, even if you buy before you marry. More info at Taking Title... Joint tenants? Tenants in common? Living trust?
2) Do you want owner’s policy title insurance? You are required to purchase title insurance for your mortgage lender, but have the option to purchase for yourself as well for a few hundred dollars more…read about an example in the posts linked below. Personally I would never buy a property without it.
- Shoulda had title insurance...
- Shoulda had title insurance... the rest of the story
3) Will this be your primary residence? If yes, they will provide you with information/documents at closing to file for homestead. There is no charge for homesteading, you only need to do it once, and it can give you a break on your taxes; if the property is already homesteaded and you fail to file once you own the property, your property tax may increase.
Sharlene Hensrud, RE/MAX Results - Email - Minneapolis Buyer's Agent
