Final answer:
The seller in a Minnesota contract for deed process keeps the legal title and underlying property rights until the buyer completes all payment terms, allowing the seller to reclaim the property upon default.
Step-by-step explanation:
During the contract for deed process in Minnesota, the seller retains legal title to the property, which encompasses various property rights. Essentially, the seller acts as a financier, allowing the buyer to make payments towards the purchase price of the property over time. During this period, the buyer holds equitable title, which gives them an interest in the property and the right to occupy and use it, but the seller retains the right to foreclosure if the buyer defaults.
Contractual rights are based on property rights, which provide individuals with the legal capacity to make agreements regarding the use of their property and seek recourse through the legal system if necessary. It's critical for individuals or firms to own property to legitimately enter into contracts. The seller's property rights include, but are not limited to, the right to sell the property, to retain possession until the contractual obligations are fulfilled by the buyer, and to reclaim the property following a default.