From the September 2012 RESOURCE:
Q: Should the disclosure statements or the Arbitration Disclosure and Real Property Arbitration Agreement be included in the page numbering of a purchase agreement?
Read the answer at:
Special Debut Now Open to ALL Licensees - Sign up for one component of the 2012-13 DOC Required Module
The 2012-13 continuing education Module, required of ALL licensees by June 30, 2013, consists of two separate 3.75 hour components:
• Contracts; AND
• MN Distressed Properties
Successful completion of BOTH components is required to satisfy the 7.5 hour module. The DOC requires that BOTH components be taken by the SAME PROVIDER in the same setting (i.e., both in-class or both on-line). The required module cannot be uploaded to Pulse Portal until BOTH components have been completed and a passing grade received on both required exams.
As part of a special debut, you can choose from several convenient locations throughout the state to sign up for your first component:
- Thursday, September 13, Minneapolis Airport Marriott — 2020 American Blvd East, Bloomington Component: Contracts taught by Brad Boyd - SOLD OUT
- Friday, September 14, Le St.-Germain Suite Hotel (formerly the Radisson) 404 W. St. Germain, St. Cloud Component: Contracts taught by Wayne Gilbert
- Wednesday, September 19, Bigwood Event Center — 925 Western Avenue, Fergus Falls Component: MN Distressed Property taught by Chris Prescott
- Thursday, September 20, Minneapolis Marriott Northwest (formerly the Northland Inn) 7025 Northland Drive North, Minneapolis Component: MN Distressed Property taught by Jim Dattalo - SOLD OUT
Cost is $45 for MN REALTOR® Members and $60 for Non-Members. Go to www.mnrealtor.com to register.
2012 MNAR Forms Changes Coming Soon!
On October 1st, the MNAR Forms will be revised. There were several changes made this year to both the Residential and Commercial Forms library. Below is a listing of the forms that will be changing on October 1st:
- Commercial Contract for Exclusive Right to Represent Buyer and Commercial Contract for Exclusive Right to Represent Tenant have been combined into one form. This new form is titled Commercial Contract for Exclusive Right to Represent Buyer/Tenant
- Commercial Contract for Nonexclusive Right to Represent Buyer and Commercial Contract for Nonexclusive Right to Represent Tenant have been combined into one form. This new form is titled Commercial Contract for Nonexclusive Right to Represent Buyer/Tenant
- Commercial Exclusive Listing Agreement Sale and Commercial Exclusive Listing Agreement Lease have been combined into one form. This new form is titled Commercial Exclusive Listing Agreement
- Commercial Letter of Intent
- Commercial Nonexclusive Listing Agreement Sale and Commercial Nonexclusive Listing Agreement Lease have been combined into one form. This new form is titled Commercial Nonexclusive Listing Agreement
- Commercial One Time Showing Contract
- Commercial Purchase Agreement
- Examples of Clauses for Use in an Addendum to Commercial Purchase Agreement
New Commercial Forms
- Addendum to Commercial Purchase Agreement
- Amendment to Commercial Purchase Agreement
- Commercial Confidentiality Agreement
- Counteroffer Addendum to Commercial Purchase Agreement
Discontinued Commercial Forms
- Commercial Consent to Sublease by Landlord
- Commercial Exclusive Representation
- Office Lease
- Office/Warehouse Lease
- Commercial Option Agreement
- Commercial Request for Proposal for Space
- Commercial Sublease Agreement
- Amendment to Purchase Agreement Buyer's Move-In Agreement
- Amendment to Purchase Agreement Seller Holdover Possession Agreement "Rent Back"
- Arbitration Disclosure and Residential Real Property Arbitration Agreement
- Compensation Disclosure to Buyer/Tenant
- Condominium/Townhouse/Cooperative Addendum Common Interest Community (CIC)
- Exclusive Right to Lease Listing Contract
- Financing Addendum Contract for Deed
- Inspection Contingency Addendum
- New Construction Purchase Agreement
- Purchase Agreement
- Seller's Contributions to Buyer's Costs Addendum
- Seller's Disclosure Alternatives
- Seller's Property Disclosure Statement
- Showing Contract is retitled One Time Showing Contract (Purchase)
- Subsurface Sewage Treatment System and Well Inspection Contingency Addendum
- Vacant Land Disclosure Statement
- Vacant Land Purchase Agreement
- Addendum to Exclusive Right to Sell Listing Contract
- Earnest Money Receipt
- One Time Showing Contract (Lease)
- Receipt of Common Interest Community (CIC) Documents
- Buyer Purchasing "As Is" Addendum
View a summary of the 2012 changes to the MNAR Commercial Forms.
View a summary of the 2012 changes to the MNAR Residential Forms.
MNAR 2012 Fall Broker Management Conference
Brokers!! Managers!! Managing a real estate office requires you to be informed on the latest issues and trends and we've prepared an outstanding program to do just that. And this year, for your convenience, we're taking it on the road!! We've reduced your driving time by scheduling the same program at three convenient locations:
- October 11th, Arrowwood Conference Center, Alexandria
- October 24th, Grand Casino Hinckley
- November 14th, Mystic Lake Casino
This year's sessions are:
What Brokers Need to Know about Data Security Wayne Gilbert, Instructor
Legislative Update Chris Galler, Paul Eger and Ryan Hamilton, Instructors
Hot Topics for Brokers Lynn Leegard, Instructor
5.5 hours real estate CE Credits, refreshment breaks and lunch are included. Program runs from 9:30am-4:30pm. Cost is $79 for members/$89 for nonmembers if you register up to three weeks before the Conference date.
Later than three weeks before the Conference date, cost is $99 for members/$109 for nonmembers.
On-Site registration is $119 for members/$129 for nonmembers.
Go to www.mnrealtor.com to register.
NAR Comments on RESPA/TILA Proposal to Change APR - On Friday, Aug. 31, 2012, NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on a small part of the 1,100 page RESPA/TILA harmonization regulatory proposal seeking to change the annual percentage rate or APR calculation. While most of the comments for the regulatory proposal are due in November, this section was due Sept. 7.
NAR advised the CFPB to abandon efforts to create an "all in" APR and focus their efforts on improving the new combined RESPA/TILA loan estimate that replaces the good faith estimate and the truth in lending disclosure. As many in the industry know, consumers do not understand and do not use the APR. Changing its calculation will not alter that and is not useful.
NAR expects to comment more extensively on the broader RESPA/TILA rule in the fall.
NAR Reviews Reforms Proposed to Critical Habitat Designations - The U.S. Fish and Wildlife Service (FWS) and the National Marine Fisheries Service (NMFS) have proposed changes to the role and timing of economic impact analyses during the process of designating critical habitat for an endangered species. According to the notice, these changes will improve transparency and accountability during this process.
One of the key elements of protecting endangered species is protecting the habitats where these species live. However, designating vast swaths of land as critical habitat may have unintended economic impacts on adjacent communities if the designation hinders economic development or reduces property values.
According to the notice, these changes would help the federal agencies making the designation more sensitive to the economic impacts and provide the public with access to this kind of information earlier in the designation process. These changes would also revise what weight the agencies give to this kind of economic impact data.
NAR staff is reviewing the proposal and will provide comments to FWS and NMFS.
The MN Association of REALTORS® is teaming up again with Sun Country Airlines, the Hometown Airline, to offer REALTORS® a discount on travel to Orlando to attend the 2012 REALTORS® Conference & Expo. Use the promotion code “MNAR15” on Sun Country Airlines’ website www.suncountry.com to receive 15% off their lowest applicable fare. The discount is valid for all flights between Minneapolis and Orlando from November 6, 2012 until November 16, 2012.
The discount applies to coach class, but not First Class. Affordable upgrades are available during check-in. The discounted flights can be combined with outbound/return flights outside of the promotion dates, but only the flights segments within the promotion period are discounted. The discount can be used for both one-way and round-trip reservations. The special REALTOR® discount cannot be combined with other discounts, promotions, UflyRewardsPlus fares, Sun Country Vacations Cruise/Hotel packages, vouchers or gift certificates. It is not retroactive and cannot be applied to existing reservations. Standard Sun Country Airlines change fees, bag fees, etc. and all other policies apply.
Homes for All Documentary
Minnesota's affordable housing communities are an essential part of the state's economic and social health. Join us for an in-depth conversation with residents, experts and community leaders that will show you the many ways Minnesotan's benefit when we're able to provide homes for all. Produced by MN Housing Partnership, Metropolitan Consortium of Community Developers and MN Community Land Trust Coalition.
This program will air on the following dates and times on Twin Cities Public Television:
September 30th @ 9:00PM
October 7th @ 3:00AM, 9:00AM and 3:00PM
Dear Spare Key Friends,
As you may know, this year Spare Key celebrates 15 years of helping Minnesota families with seriously ill or critically injured children with a mortgage payment. With nearly 1,500 Minnesota families receiving a mortgage payment from Spare Key, totaling nearly $1.8 million, you have helped us help thousands of Minnesotans "Bounce and Not Break".
This year's Spare Key Golf Tournament is going to be a special opportunity to give even more families the "Gift of Time" at a wonderful course with lots of great people and supporters of Spare Key.
Space for the tournament is starting to fill-up and we want to be sure you don't miss out on the opportunity to play one of the best courses in the state, helping to raise funds and awareness for a great cause -- Spare Key.
On Tuesday, September 18th registration begins at 10:30 a.m. with a shotgun start at 1:00 p.m. at Willingers Golf Club. The cost for the tournament are as follows:
* Golf Foursome - $600.00
* Golf Individual - $150.00
* Dinner Reception Only - $50
To register online, you may to the following link: https://www.blacktie-minnesota.com/online_sales/rsvp_ticket_purchase.cfm?rsvpid=581
If you prefer to call and make a reservation, please contact Adrienne at (952) 406-8872.
If you'd rather send us your registration, please feel free to mail it to:
2021 East Hennepin Avenue, Suite 475
Minneapolis, Minnesota 55313
Or, if you want, fax us your registration reservation at: (952) 406-8874
There also remain a limited number of Hole Sponsorships available, as well. If you would care to learn more about those, please contact Erich Mische directly at (952) 406-8872.
Holy Bat Show! “Batman Live” is coming to the Xcel Energy Center this September. Discount tickets on select performances are now available when ordering at https://secure.xcelenergycenter.com/GT/default.asp?Group=Minne91580. Feel free to visit http://www.batmanlive.com/home.php for a quick video of the show.
Free Expo Passes for You, Your Customers, Clients, Prospects, Family and Friends!
The Expo Guys are happy to supply you with plentiful "Admit 2 Free" EXPO Passes for you and your employees, friends and families. These passes allow them to attend our up-coming expos and seminars FREE of charge.
These FREE Passes are available in quantity, for as many as you request, while supplies last.
Download the order form, and fax back to (952) 929-9510.
Tickets for the following events are available:
HEALTHY LIFE EXPO:
October 20-21, 2012 @ Minneapolis Convention Center
HOME IMPROVEMENT & DESIGN EXPO
October 20-21, 2012 @ Minneapolis Convention Center
October 27, 2012 @ National Sports Center, Blaine
November 3, 2012 @ Maple Grove Community Center
For more information, visit www.MediaMaxEvents.com.