MINNESOTA LAW requires that we explain Agency Relationships. The Agency Relationship Disclosure Form is not a contract but simply a disclosure required by the Minnesota Department of Commerce. This is a Consumer Protection Law that clarifies who's representing the BUYER and the SELLER. Agency Relationship defines where my FIDUCIARY duties belong (fiduciary duties are listed and defined below).
- Loyalty - We must act solely in your best interests.
- Obedience - We must obey all lawful instructions from you.
- Disclosure - We must disclose all material facts to you.
- Confidentiality - We will keep any discussions, facts, or information that should not be revealed to others, but this does not exclude my responsibility of fairness and honesty in dealings with all parties.
- Accounting - We will account for all valuables held on your behalf.
- Reasonable Skill and Care - We will use care and diligence in representing your interests. We will provide you with information on similar homes sold to help determine a fair purchase price. We will also provide you with any other information that you may need in making a decision to purchase.
Seller's Broker - is representing the SELLER and owes fiduciary duties on to the seller.
Subagent - A broker or salesperson who is working with the buyer but represents the SELLER. The buyer is the customer and is not represented by the broker. Keller Williams Integrity Realty does not practice subagency.
Buyer's Broker - is representing the BUYER and owes fiduciary duties only to the buyer.
Facilitator - Facilitates the transaction and doesn't owe any fiduciary duties except confidentiality.
Dual Agency - Occurs when one salesperson or one broker represents both parties to the transaction. This requires consent from all parties. This role limits the level of representation the broker or salesperson can provide, except for information about PRICE, TERMS AND MOTIVATION which is always kept confidential, unless instructed otherwise.