(A) If residential rental property is transferred, the new owner (whether as fee owner or contract for deed vendee) must immediately upon transfer furnish to the city, his or her name, address and phone number and the name, address and phone number of any designated agent. No license fee shall be required of the new owner during the year in which the property is purchased; provided that, the previous owner has paid the annual license fees, has complied with all requirements of this chapter and has corrected any violations.
(B) All contracts for deed executed on or after 1-1-1984 shall be recorded by the vendee within four months in the office of the County Recorder in which the land is located. A contract for deed does not include: a purchase agreement; an earnest money contract; an exercised option or a lease, including a lease with an option to purchase; or a mortgage as defined by M.S. § 287.01, as it may be amended from time to time.
(Prior Code, § 440.17) (Ord. 2015-07, passed 9-2-2015; Ord. 20200219-03, passed 2-19-2020)