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Old 09-25-2001, 12:42 PM
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Contract for Deed Question

Minnesota: I'm buying my Grandma's house on a contract for deed and we are working out the details. We want to set the interest rate on the 5 year contract for 5% but my uncle said that a 5% interest rate is not legal and that if my Grandma were to have to go to a nursing home that our contract would no longer be valid and that the nursing home would be able to take the house. My question is this: Is his information correct? Thanks.
  #2  
Old 09-25-2001, 12:44 PM
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I am not sure.
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Old 09-25-2001, 03:18 PM
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Have any ideas where I can find this information?
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Old 09-27-2001, 02:24 AM
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Contact a local CPA.
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