Agenda - Council - 12/10/2013 - Laserfiche WebLink

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• 1 uELLERMUMe. Tinoirme IllerBe rmsoarrliOlurr AGENCY RELATIONSHIPS IN REAL ESTATE TRANSACTIONS 1. Page 1 a. MINNESOTA LAW REQUIRES that early in any relationship, real estate brokers or salespersons discuss with 3. consumers what type of agency representation or relationship they desire.a']The available options are ilsted below. This 4. is. riot a contract. This is an agency disclosure form only. It you desire representation you rnust enter into a 5. written contract, according to state law (a listing contract or a buyer/tenant representation contract). Until such time 6, as you choose tc enter into a written contract for representation, you will be treated as a customer and will not receive 7. any representation from the broker or salesperson'. The broker or salesperson will be acting as a Facilitator (see 8. paragraph V an page two (2)), unless the broker or salesperson is representing another party, as described belovii. 9. ACKNOWLEDGMENT: Witte acknowledge that ilwe have been presented with the below -described options. 10. IJWe understand that Until Ilwe have signed a representation contract, Uwe arnr/are not represented by the 11. broker/salesperson. I/We understand that written consent Is required for a dual agency relationship. 12. THiS IS A DISCLOSURE ONLY, NOT A CONTRACT FOR REPnESENTATION.. 13, aSigrlatvY�1 Clore) (5'gankurel 1�7dRdt 14. I. Seller's/Landlord's Broker: A broker who lists a property, or a salesperson who is licensed to the listing broker, 15. represents the Seller/Landlord and acts on behalf of the SelierfLandlord. A Seller'slLandiord's :eroker owes to 16. the Seller/Landlord the fiduciary duties described on page two (2),I2) The broker must also disclose to (he Buyer 17. material facts as defined in MN Statute 82.68, Subd. 3, of which the broker is aware that could adversely and 18. significantly affect the Buyers use or enjoyment of the property. (MN Statute 82.68, Subd. 3 does not apply to 19. rental/lease transactions.) If a broker or salesperson working with a Buyer/Tenant as a customer is representing ;he 20. Sealer/Landlord, he or she must act in the Seller's/Landlord's best interest and must tell the Seller/Landlord any 21. information disclosed to him or he', except confidential inl©rrnation acquired in a facilitator relationship (see paragraph 22. Von page two (2)). In that case, the Buyer/Tenant will not be represented and will not receive advice and counsel 23. from the broker ar salesperson. 24, if. Subagent: A broker or salesperson who is working with a Buyer/Tenant but represents the Seller/Landlord. In this 25. case. the 8uyerdTenant is the broker's customer and is not represented by that broker. If a broker or salesperson 26. working with a Buyer/Tenant as a customer is representing the Seller/Landlord, he or she must act in the 27, Selter's/Landiord's best interest and must teli the Seller/Landlord any information that is disclosed to him ar her, 28. In that case, the BuyeriTenant will not be represented and will not receive advice and counssI from the broker or 29. salesperson. 30. III. Buyer's/Tenant's Broker: A Buyerfrenant may enter Into an agreement for the broker or salesperson to represent 31. and act on behalf of the Buyer/Tenant. The broker may represent the Buyer/Tenant only, and not the SollerfLandlord, 32. even If he or she is being paid in whore or in part by the Seller/Landlord..A Buyer's(Tenant's broker owes to the 33. Buyer/Tenant the fiduciary duties described on page two (2).0 The broker must disclose to the Buyer material facts 34. as defined In MN Statute 82.68, Subd. 3, of which the broker is aware that could adversely and significantly affect 35. the Buyers use or enjoyment of the property. (MN Statute 82.66. Subd. 3 does not apply to rentaliease transactions.) 36. If a broker or salesperson working with a SellerlLandlard as a customer is representing the Buyer,Tenant, he or 37. she must act in the Huyer'sJTenant's best interest and must tell the Buyer{Tenant any information disclosed to him 38, or her, except confidential information acquired in a facilitator relationship (see paragraph V on page two (2)). In 39, that case, the Seller/Landlord will not be represented and wilt not receive advice and counsel from the broker or 40. salesperson_ 4-1 i hays had the goprrrWrrity !o review the 'Notice Regarding Predatory tJfferrcrer fnfkrmatron° on ririderI rrrbadsr) 42- page two- (21 MN:A©CYDICS-1 ()into) Its