Who’s on First?” ” Real Estate Edition
[Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.]
Exactly what role(s) do licensees, principals, agents, subagents, brokers, dual agents, and facilitators play in residential real estate in Minnesota?
Consumers, I’m sure, have no idea.
But their Realtor does.
Moreover, it’s incumbent upon their Realtor to (briefly) explain it to them, at the beginning of the relationship.
Step #2: document that they’ve discussed the subject with their prospective client, by having them sign something called the “Agency Relationships in Real Estate Transactions.”
“Just Sign Initial Here”
Even though the form is only a (state-mandated) disclosure, not a contract, at least some consumers balk at signing it.
In that case, savvy agents write something like the following on the form, “I choose not to acknowledge receipt at this time,” then have the prospect initial that.
See also, “Delivering the Realtor “Miranda Warning” in an Online World“; “Perils of Dual Agency: Exhibit A”; “Awkward Dual Agent Moment #24“; and “Dual Agent vs. Double Agent.“
