Minnesota Department of Commerce

Disclosure “No-No’s” for Minnesota Buyers’ Agents

The “I Decline to Initial” Buyer’s Initial Form:  “Agency Relationships in Real Estate Transactions” Date signed by Buyer:  June 22, 2017 Form:  Purchase Agreement Date signed by Buyer:  June 22, 2017 What’s wrong with this picture? It runs afoul of Minnesota Department of Commerce guidelines, which provide that prospective Buyers’ agents are supposed to discuss...
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Prospects Who Decline to Initial That They’re Declining to Initial

“Turtles All the Way Down” Realtors who don’t want to run afoul of the Minnesota Department of Commerce take care to have prospective clients sign and initial — (very) early in the relationship** — a state-required form called “Agency Relationships in Real Estate Transactions.” So early, in fact, that the would-be client may not yet be...
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Delivering the Realtor “Miranda Warning” in an Online World

Challenge:  Defining “First Substantive Contact” [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.] In an online, hyper-connected 24/7 world, when do Minnesota Realtors trip the threshold for delivering a required state disclosure to consumers? Called “Agency Relationships” and...
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