agency relationships in real estate transactions

AGENCY RELATIONSHIPS
IN
REAL ESTATE TRANSACTIONS
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MINNESOTA LAW REQUIRES that early in any relationship, real estate brokers or salespersons discuss with
consumers what type of agency representation or relationship they desire. (1) The available options are listed below.This
is not a contract. This is an agency disclosure form only. If you desire representation you must enter into a written
contract, according to state law (a listing contract or a buyer representation contract). Until such time as you choose
to enter into a written contract for representation, you will be treated as a customer and will not receive any representation
from the broker or salesperson. The broker or salesperson will be acting as a Facilitator (see paragraph V on page
two (2)), unless the broker or salesperson is representing another party, as described below.
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ACKNOWLEDGMENT: l!We acknowledge that I/we have been presented with the below-described options.
l!We understand that until IIwe have signed a representation contract, I/we am/are not represented by the
broker/salesperson. l!We understand that written consent is required for a dual agency relationship.
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THIS IS A DISCLOSURE ONLY, NOT A CONTRACT FOR REPRESENTATION.
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(Signature)
(Date)
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Seller's Broker: A broker who lists a property, or a salesperson who is licensed to the listing broker, represents
the Seller and acts on behalf of the Seller. A Seller's broker owes to the Seller the fiduciary duties described
on page two (2).!2)The broker must also disclose to the Buyer material facts as defined in MN Statute 82.54,
Subd. 3, of which the broker is aware that could adversely and significantly affect the Buyer's use or enjoyment
of the property. If a broker or salesperson working with a Buyer as a customer is representing the Seller, he or
she must act in the Seller's best interest and must tell the Seller any information disclosed to him or her, except
confidential information acquired in a facilitator relationship (see paragraph V on page two (2)). In that case, the
Buyer will not be represented and will not receive advice and counsel from the broker or salesperson.
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II. Subagent: A broker or salesperson who is working with a Buyer but represents the Seller. In this case, the Buyer
is the broker's customer and is not represented by that broker. If a broker or salesperson working with a Buyer as
a customer is representing the Seller, he or she must act in the Seller's best interest and must tell the Seller any
information that is disclosed to him or her. In that case, the Buyer will not be represented and will not receive advice
and counsel from the broker or salesperson.
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III. Buyer's Broker: A Buyer may enter into an agreement for the broker or salesperson to represent and act on
behalf of the Buyer. The broker may represent the Buyer only, and not the Seller, even if he or she is being paid
in whole or in part by the Seller. A Buyer's broker owes to the Buyer the fiduciary duties described on page two
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(2).12The
broker must disclose to the Buyer material facts as defined in MN Statute 82.54, Subd. 3, of which
the broker is aware that could adversely and significantly affect the Buyer's use or enjoyment of the property. If
a broker or salesperson working with a Seller as a customer is representing the Buyer, he or she must act in the
Buyer's best interest and must tell the Buyer any information disclosed to him or her, except confidential information
acquired in a facilitator relationship (see paragraph V on page two (2)).ln that case, the Seller will not be represented
and will not receive advice and counsel from the broker or salesperson.
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IV. Dual Agency - Broker Representing both Seller and Buyer: Dual agency occurs when one broker or salesperson
represents both parties to a transaction, or when two salespersons licensed to the same broker each represent a
party to the transaction. Dual agency requires the informed consent of all parties, and means that the broker and
salesperson owe the same duties to the Seller and the Buyer.This role limits the level of representation the broker
and salesperson can provide, and prohibits them from acting exclusively for either party. In a dual agency, confidential
information about price, terms and motivation for pursuing a transaction will be kept confidential unless one party
instructs the broker or salesperson in writing to disclose specific information about him or her. Other information
will be shared. Dual agents may not advocate for one party to the detriment of the other.v"
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Within the limitations described above, dual agents owe to both Seller and Buyer the fiduciary duties described
on page two (2).(2)Dual agents must disclose to Buyers material facts as defined in MN Statute 82.54, Subd. 3, of
which the broker is aware that could adversely and significantly affect the Buyer's use or enjoyment of the
property.
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MN:AGCYDICS-1
I have had the opportunity to review the "Notice Regarding Predatory Offender Information" On
page two. (2)
(8/10)
AGENCY RELATIONSHIPS IN
REAL ESTATE TRANSACTIONS
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(1)
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Facilitator: A broker or salesperson who performs services for a Buyer, a Seller or both but does not represent
either in a fiduciary capacity as a Buyer's Broker, Seller's Broker or Dual Agent. THE FACILITATOR BROKER
OR SALESPERSON DOES NOT OWE ANY PARTY ANY OF THE FIDUCIARY DUTIES LISTED BELOW,
EXCEPT CONFIDENTIALITY, UNLESS THOSE DUTIES ARE INCLUDED IN A WRITTEN FACILITATOR
SERVICES AGREEMENT. The facilitator broker or salesperson owes the duty of confidentiality to the party but
owes no other duty to the party except those duties required by law or contained in a written facilitator services
agreement, if any. In the event a facilitator broker or salesperson working with a Buyer shows a property listed by
the facilitator broker or salesperson, then the facilitator broker or salesperson must act as a Seller's Broker (see
paragraph I on page one (1 )). In the event a facilitator broker or salesperson, working with a Seller, accepts a
showing of the property by a Buyer being represented by the facilitator broker or salesperson, then the facilitator
broker or salesperson must act as a Buyer's Broker (see paragraph ilion page one (1 )).
This disclosure is required by law in any transaction involving property occupied or intended to be occupied by
one to four families as their residence.
The fiduciary duties mentioned above are listed below and have the following meanings:
Loyalty - broker/salesperson will act only in client(s)' best interest.
Obedience - broker/salesperson will carry out all client(s)' lawful instructions.
Disclosure - broker/salesperson will disclose to c1ient(s)all material facts of which broker/salesperson has knowledge
which might reasonably affect the client(s)' use and enjoyment of the property.
Confidentiality - broker/salesperson will keep client(s)' confidences unless required by law to disclose specific
information (such as disclosure of material facts to Buyers).
Reasonable Care - broker/salesperson will use reasonable care in performing duties as an agent.
Accounting - broker/salesperson will account to client(s) for all client(s)' money and property received as agent.
If Seller(s) decide(s) not to agree to a dual agency relationship, Seller(s) may give up the opportunity to sell the
property to Buyers represented by the broker/salesperson. If Buyer(s) decide(s) not to agree to a dual agency
relationship, Buyer(s) may give up the opportunity to purchase properties listed by the broker.
NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory offender
registry and persons registered with the predatory offender registry under MN Statute 243.166 may be
obtained by contacting the local law enforcement offices in the community where the property is located,
or the Minnesota Department of Corrections at (651) 361-7200, or from the Department of Corrections Web site at
www.corr.state.mn.us.
MN:AGCYDISC-2
(8/10)
Page 1 of 3
On-Line Real Estate Auction Registration
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Property Address: 401 5 Street South, Moorhead MN. 56560
AUCTION CLOSES: Wednesday, September 30, 2015 6:00 PM CST
Please Print Clearly
NAME
_
ADDRESS
_
CITY
STATE,
TELEPHONE Day
ZI P
Evening
_
Cell
_
E-MAIL
_
BANKREFERENCE
PH
ADDRESS
CITY
AUCTION END DATE:
AUCTION END TIME:
_
ST__
ZIP
_
09/30/2015
6:00 P.M.
Terms and Conditions for Purchase of Real Estate at Auction
Bidders should complete and accept the Terms and Conditions and return it to McLaughlin
Auctioneers bye-mail for approval prior to bidding on the property.
The property HAS NOT been surveyed for this auction. If purchaser desires a survey it will be
at the purchaser's option and expense. If an actual survey shows a greater or lesser number of
acres or footage, it will not affect your purchase or the purchase price. All acreage and
dimensions are believed correct but are not warranted nor guaranteed. The property is sold
subject to any existing right of way and easements.
All property is selling AS IS, WHERE IS. No warranty is given either expressed or implied. It is
important you inspect the property before bidding.
By placing bids on this property you are making an offer to purchase. All bids are irrevocable.
A bid cannot be retracted. The property is offered on a cash basis and not contingent upon the
availability of financing or any other reason. Upon becoming the high bidder, you will be
required to sign a Purchase Agreement and rendered the required Earnest Money with-in 24
hours. Earnest Money deposit would be forfeited in the event of your failure to close. Seller will
guarantee good and clear title and issue a Warranty deed. Closing will take place on or before
June 26th 2015, sooner if Buyer and Seller are willing and able. Time is of the essence.
Page 2
McLaughlin Auctioneers reserve the right to solicit back-up purchase contracts from contending
bidders. Such back-up contracts may automatically be in the position to become the successful
contract in case the first purchase contract fails to close.
The property is being sold subject to the Seller's approval. The Seller reserves the right to
accept, reject or counter the final bid.
A 5% Buyer's Premium will be applied to the final bid to become the final purchase price.
Auction End Times and Auto Extend Feature: McLaughlin Auctioneers (YI'Yiyy.J.:ng:.bid.corrJ
Online Only Auctions are timed events and all bidding will close at a specified time. McLaughlin
Auctioneers Online Only Auctions have an auto extend feature. If any bid is placed in the final 5
minutes of an auction, the auction ending will be automatically extended 5 minutes. Example: if
an auction scheduled to close at 4:00 receives a bid at 3:55, the close time will automatically
extend to 4:05. In the event the auto extend feature is activated, the auto extend feature
remains active until no further bids are received within a 5 minute time frame following the
specified end time of the auction. Online auctions are computerized events. Although extremely
rare, technical issues can arise. Therefore in fairness to both sellers and buyers, McLaughlin
auctioneers (www.mc-bid.com).atits
discretion and for any reason, may halt, suspend, close, or
reopen any auction or item offered through our online services deemed necessary if
circumstances warrant such action. Bidder acknowledges and understands that this service may
or may not function correctly the day of the auction closing. Under no circumstances shall
Bidder have any kind of claim against McLaughlin Auctioneers, or www.mc-bid.com or anyone
else if the internet service fails to work correctly before or during the auction event. Internet
bidders who desire to make certain their bid is acknowledged should use the proxy-bidding
feature and leave their maximum bid(s) 24 hours before the auction closing.
McLaughlin Auctioneers, Mc-bid.com and Kvamme Real Estate Inc. are agents for the
Seller only.
Please indicate if you an established Exclusive Buyer Agency Agreement with a licensed Real
Estate Broker or Agent. Yes
No
_
If Yes, Please provide the following information:
Company
Broker/Agent
Address
Phone
E-Mail
----------------
_
----------------_
Page 3
NOTICE TO BUYERS WITH AN ESTABLISHED BUYER AGENCY AGREEMENT
McLaughlin Auctioneers and Kvamme Real Estate Inc. offer to pay a Broker representing a
Buyer a commission, however, McLaughlin Auctioneers, and Kvamme Real Estate reserve the
right to refuse to pay a commission if a Broker has not met the required conditions or
requirements. These requirements may include, but not limited to, showing or introduction of the
property to a prospective buyer, registering or notification of the representation of a buyer with
McLaughlin Auctioneers/www.mc-bid.com
prior to the auction, or fulfilling the Buyer Agents
duties prior to closing. Buyers who have an established Buyer Agency agreement may have a
legal obligation to pay there agent if they purchase a property depending of the terms of the
Buyer Agency agreement.
I have read the above terms and conditions governing the sale of the real estate at
auction and agree to be governed by them.
SIGNED
DATE
_
Questions? Please call or contact us at: 800-373-7652 or Dave McLaughlin at 701-729-7781,
or e-mail [email protected]