The Minnesota state government?

Well, that, too (as of midnight last night).

But the shut-down I was referring to is the Edina Realty City Lakes office, effectively closed by an out-of-commission A/C unit.

In fact, the building’s a/c has been fitful for the most of the almost-decade I’ve been in the office.

Just one more reason that Realtors in the office are counting down to the opening of the new office a couple blocks to the west, on Minnetonka Blvd.

The Other Shut-Down

As far as that other shut-down, the effects on state real estate transactions are likely to be muted, at least in the short run.

That’s because local, not state government, plays a much bigger role in real estate transactions.

That includes county recording, district courts, municipal truth-in-sale inspections, etc.

However, if a closing requires the release of a state tax lien on a property, it may not be possible to obtain the payoff amount or acquire a tax-lien release during the shutdown. 

Of course, if the Buyer in a pending sale is a state employee, their ability to come up with the funds while effectively on unpaid furlough is questionable.

If the shut-down drags on, look for the parties in such transactions to negotiate extensions on any applicable deadlines (closing, written statements, etc.).  

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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