Keller Williams Disclosures, Waivers, + Acceptances

The Keller Williams Disclosures, Waivers, and Acceptances form previews items that will come up during the purchase process and pre-emptively gets you and I on the same page. We will see most, if not all, of these questions again when we make an offer on a property and go through the steps of writing a Purchase Agreement.

When is it signed?

At the same time the Exclusive Buyers Representation contract is signed.

How long does it last?

It is effective until your transaction is closed or your Exclusive Buyers Representation Contract expires.

Is there a financial obligation?

Nope, there is no financial obligation.

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The Minnesota Attorney General’s office has a Homebuyer’s Handbook that is an excellent resource. Dive in here. You can also download a copy of the Exclusive Buyer Representation Contract to familiarize yourself:

Exclusive Buyer Representation Contract

An exclusive buyer representation agreement is a two-way agreement that allows us to work together without hesitation, without any conflict of interest, and without any division of duties or loyalty. It allows me, as your exclusive agent, to represent you and look out for your best interests when you make a purchase and throughout the process.

When is it signed?

When we decide to work together at our first meeting.

How long does it last?

As long as you want – 1 day, 6 months, 1 year, etc. We can easily extend the agreement or call it quits. This contract can be cancelled at any time by either party.

Is there a financial obligation?

No, there is no financial obligation to you! I am paid by the seller’s agent. This contract ensures I am paid by the seller of the home you ultimately purchase.

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The Minnesota Attorney General’s office has a Homebuyer’s Handbook that is an excellent resource. Dive in here. You can also download a copy of the Exclusive Buyer Representation Contract to familiarize yourself:

Highlights from September/October REALTOR Magazine

I picked up the latest issue of REALTOR Magazine when I was in the Keller Williams Integrity Lakes office earlier this week. The content doesn’t necessarily apply locally, but I found the economic report interesting. Again, keep in mind this is all national level economics so it may not be totally on-the-nose for the market in Minneapolis and St. Paul.

National Association of REALTORS® Chief Economist Lawrence Yun reported that annual home sales have not grown since 2016, even though during that time our economy has added 8 million net jobs at higher pay AND household net worth grew by $13.5 trillion (thanks, rising stock market and surging real estate prices). Homeownership rates have remained stagnant, and a theory for this is that there has been a “concentrated build-up in wealth than if ownership had expanded.” So if there are more jobs and higher net worth per household, why aren’t the sale of homes increasing? Maybe because there are fewer financial incentives to move from rental to ownership, or to upgrade to a new home - we have reduced tax benefits for homeowners right now.

Some good news is that we have excellent (like, wildly low) mortgage rates at under 4% (if you qualify). Housing supply - the number of homes available to buy - is still low, but if you’re interested in new construction homes companies are responding to the desire by building more homes to a higher range of specifications (ways you can customize within a house design) at lower price points.

Agency Relationships in Real Estate Transactions Disclosure

Minnesota is a consumer protection state and this form is required by law to ensure that I, and any real estate agent, explain agency to you. When you and I meet, we’ll discuss the 3 types of agency: the single agent relationship, dual agency, and facilitator.

What are the types of agency?

1. Single Agent Relationship: You can be represented in one of two ways, either in a single agent relationship where your broker represents only you.

2. Dual Agency: Arises when an agent acts as an intermediary for the buyer and seller. buyer is interested in purchasing a property that their agent is also the agent for. If that occasion arises, I would need permission from both you and the seller to proceed with the transaction. If we did proceed, I would treat both you and the seller honestly and fairly and could not disclose any confidential information to either party.

3. Facilitator: Performs services for one or multiple parties but does not represent either party. This role only requires confidentiality from the facilitator. This most often looks like an agent completing the necessary paperwork for both sides after the parties have decided together on the agreement. This does NOT look like the facilitating agent helping both sides come to an agreement (that would be dual agency).

When is it signed?

This disclosure is signed during our first conversation, as required by Minnesota law.

How long does it last?

This is not a contract so there is no obligation of any kind tied to your signature. This disclosure simply acknowledges that we discussed the types of representation you may receive in a real estate transaction and what each could mean for you during the buying process.

Is there a financial obligation?

No, there is no financial obligation. This is simply a disclosure to confirm that we have discussed the form’s contents, not a contract that holds you to any obligations.

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The Minnesota Attorney General’s office has a Homebuyer’s Handbook that is an excellent resource. Dive in here. You can also download a copy of the disclosure: