If you are looking to purchase a rental property in the city of Minneapolis, you will want to make sure you are aware of the required change of ownership inspection that must occur. The city of Minneapolis has strict regulations regarding rental properties that are located within the city. Minneapolis property managers stay up to date on these regulations, so you may want to hire their services to make sure you are following all regulations.
Below is information from the city of Minneapolis website as it pertains to change of ownership inspections when a rental property is sold:
Change of Ownership fee: $450.00
Whenever a valid rental property changes ownership, it must be inspected for compliance with minimum housing standards.
The following building types will be subject to the Change of Ownership Inspection:
- Single family dwelling rentals that do not meet the conversion definition
- All Duplex rentals (2-unit building)
- All Triplex rentals (3-unit building)
- All Rental properties containing 4 units
- Commercial properties containing 1-4 units
Exceptions:
- New construction with a certificate of occupancy in the past three years
- Non-Profit Organizations if they provide proof of this status
- Condominium or townhouse buildings containing more than 6 units
- Properties that have a license approval status date within 6 months of the new owner’s application date
- Properties that have had a rental license inspection within 6 months as a result of an inspection fee
- Code Compliance Certificate issued within the last 12 months
- Properties with an open rental license exemption
- Qualifying relative homesteaded single family dwellings
To learn more about rental property regulations for properties located in the city of Minneapolis visit http://www.ci.minneapolis.mn.us
