Subdivision 1. Written offers. All written offers to purchase or lease shall be promptly submitted in writing to the seller or lessor.
Subd. 2. Nondisclosure of terms of offer. A licensee shall not disclose the terms of an offer to another prospective buyer or the licensee representing or assisting the buyer prior to the presentation of the offer to the seller.
Subd. 3. Closing costs. Licensees shall disclose to a buyer or a seller at or before the time an offer is written or presented that the buyer or seller may be required to pay certain closing costs, which may effectively reduce the proceeds from the sale or increase the cash outlay at closing.
Subd. 4. Required documents. Licensees shall furnish to the parties to the transaction at the time the documents are signed or become available a true and accurate copy of listing agreements, earnest money receipts, purchase agreements, contracts for deed, option agreements, closing statements, truth-in-housing forms, energy audits, and any other record, instrument, or document that is material to the transaction and that is in the licensee's possession.
Subd. 5. Closing statement. The listing broker or his or her designee if acting as the transaction closing agent shall deliver to the seller, at the time of closing, a complete and detailed closing statement setting forth all of the receipts and disbursements handled by the broker for the seller. The listing broker if acting as the transaction closing agent shall also deliver to the buyer, at the time of closing, a complete and detailed statement setting forth the disposition of all money received in the transaction from the buyer.
2004 c 203 art 2 s 57; 2014 c 199 s 29
Structure Minnesota Statutes
Chapters 82 - 83 — Real Estate Sales Regulations
Chapter 82 — Real Estate Brokers And Salespersons
Section 82.58 — Licensing: Application.
Section 82.59 — Licensing; Examinations And Instruction.
Section 82.60 — Education; Course Curriculum.
Section 82.61 — Licensing: Continuing Education And Instruction.
Section 82.62 — Licensing: Renewal.
Section 82.63 — Licensing; Other Requirements.
Section 82.641 — Real Estate Closing Agent Licensing.
Section 82.65 — Notice To Commissioner.
Section 82.67 — Agency Disclosure Requirements.
Section 82.68 — Other Disclosure Requirements.
Section 82.69 — Advertising Requirements.
Section 82.73 — Standards Of Conduct.
Section 82.735 — Broker Price Opinion; Requirements; Duties Of Licensee; Regulations.
Section 82.74 — Guaranteed Sale Programs.
Section 82.75 — Trust Account Requirements.
Section 82.77 — Table Funding.
Section 82.78 — Rental Services.
Section 82.80 — Unclaimed Property Act Compliance.
Section 82.82 — Denial, Suspension And Revocation Of Licenses.
Section 82.84 — Publication Of Information.
Section 82.85 — Civil Actions.
Section 82.86 — Real Estate Education, Research And Recovery Fund.
Section 82.87 — Computation Of Time.