Purchase money mortgage has two distinct meanings in Minnesota.  The first is statutory, insofar as a purchase money mortgage is exempt from the general rule which invalidates all conveyances of marital homestead property without both spousal signatures.  The second is a doctrinal meaning where involuntary liens (tax liens and judgments) do not attach prior to the PMM (but for the PMM, there would be no real estate to attach), arguably making name searches unnecessary for a purchaser/borrower.

While any grantor wishes to give as little warranty as possible, lenders have a particularly strong reason since they are usually unfamiliar with matters which may be apparent to any occupant, like permissive or adverse uses which preceded their title.