(A) No license issued under this chapter is transferable from one party to another. If the property is sold or otherwise transferred to a new owner, the new owner is required to apply for a rental license as provided for in § 151.06(A) of this chapter. If the property is owned by a partnership or corporation and more than a 10% interest in the property has been transferred to a party that was not previously disclosed on the application for rental license, then the license holder shall apply for a new license as provided under § 151.06(A) of this chapter.
(B) Whenever any real estate is sold for a consideration in excess of $1,000, whether by warranty deed, quitclaim deed, contract for deed or any other method of sale, the grantor, grantee or the legal agent of either shall file a certificate of value with the County Auditor in the county in which the property is located when the deed or other document is presented for recording. Contract for deeds are subject to recording under § 507.235, subd. 1, of M.S. § 272.115, as it may be amended from time to time. A copy of the contract for deed will have to be submitted to the city within 30 days after filing with the County Recorder’s office, per M.S. § 507.235 subd. 2, as it may be amended from time to time. Failure will result in the violation of the rental code.
(2001 Code, § 13.090) (Ord. 13, passed 6-2-2014)