Part 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; andE. 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.Minn. R. agency 109, ch. 1651, SELLER-SPONSORED LOAN PARTICIPATION PROGRAM, pt. 1651.0031
20 SR 2251(NO. 42); 30 SR 372Statutory Authority: MS s 41B.07; 41C.13