U of MN Rental House
Sale Package and more Photos available upon receipt of signed Buyer Representation Agreement.
NONEXCLUSIVE REPRESENTATION AGREEMENT
North Minneapolis Duplexes/Single Family Rentals
DEFINITIONS: Buyer is (“Buyer”). Broker is Metro Group Real Estate (“Broker”). Buyer gives Broker the nonexclusive right to represent/assist the Buyer in the PURCHASE, exchange or option to purchase (“Purchase”) investment property at a price and with terms acceptable to Buyer
This Contract terminates upon successful closing of a property or expiration (180 days from execution) or cancellation of this Contract, whichever occurs first. This Contract may only be canceled by written mutual agreement of the parties.
Nonexclusive representation means that Buyer has the right to contract with other brokers for representation in the Purchase of property during the term of this Contract.
BROKER’S OBLIGATION: Broker shall use professional knowledge and skills to assist in negotiations for the Purchase property. Broker shall assist Buyer throughout the transaction as needed by Buyer. Broker shall act in Buyer’s best interest at all times. Broker shall comply with all applicable nondiscrimination regulations.
BUYER’S OBLIGATION: Buyer shall work with Broker for the Purchase of property. If requested, Buyer shall promptly furnish to Broker accurate and relevant personal financial information to ascertain Buyer’s and/or Tenant’s ability to Purchase property. After a purchase agreement has been accepted by seller, Buyer is legally obligated to Purchase the property. If Buyer refuses to close the Purchase in accordance with the terms of the executed purchase agreement for any reason other than the failure of the seller to perform, subject to relevant contingencies, Buyer shall pay Broker all compensation due under this Contract.
COMPENSATION FOR PURCHASE: Broker will negotiate with Seller to receive its’ commission from the Seller. Should Seller not provide any or all commission to the Broker, Buyer will be obligated to pay Broker the commission per this agreement or pay the difference.
Broker Commission for this Sale: 3.50% (of the Gross Sale Price).
Broker has pre-negotiated its’ commission with the Seller: Yes
Note: Broker cannot guarantee Seller will not try to renegotiate the Broker’s commission.
CLOSING SERVICES: Buyer may request Broker to arrange for the closing.
ADDITIONAL COSTS: Buyer and/or Tenant acknowledges that Buyer and/or Tenant may be required to pay certain costs at closing and/or in Leasing; including but not limited to application fees, credit checks, and/or closing costs; which may effectively increase the cash outlay at closing.
FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (“FIRPTA”): Section 1445 of the Internal Revenue Code provides that a transferee (“Buyer”) of a United States real property interest must withhold tax from the transferor (“Seller”) if the Seller is a foreign person and no exceptions from FIRPTA withholding apply. A Buyer is personally liable for the full amount of FIRPTA withholding tax required to be withheld unless the Seller furnishes Buyer with specific documentation ensuring Buyer is exempt from the withholding requirements as prescribed under 26 USC §1445. Due to the complexity and potential risks of failing to comply with FIRPTA, including the Buyer’s responsibility for withholding the applicable tax, Buyer should seek appropriate legal and tax advice regarding FIRPTA compliance, as Broker will be unable to assure Buyer that the transaction is exempt from the withholding requirements.
INSPECTION: Broker recommends that Buyer an obtain a physical inspection and conduct further investigation and due diligence of the property, including but not limited to inspecting and reviewing the financial documents, environmental reports, surveys, and any additional methods of investigation of Buyer’s choice, to satisfy himself/herself/itself with the condition of the property.
AGENCY REPRESENTATION: Buyer understands Broker may represent other parties to this specific transaction, including the Seller and other Buyers.
TERMINATION OF FIDUCIARY DUTIES: Broker’s fiduciary duties, except the duty of confidentiality, terminate upon Buyer’s and/or Tenant’s successful closing and/or Lease of a property or expiration or cancellation of this Contract, whichever occurs first.
NOTICE REGARDING PREDATORY OFFENDER INFORMATION: Information regarding the predatory offender registry and persons registered with the predatory offender registry under MN Statutes 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.
ELECTRONIC SIGNATURES: The parties agree the electronic signature of any party on any document related to this transaction constitute valid, binding signatures.
CONSENT FOR COMMUNICATION: Buyer authorizes Broker and its representatives to contact Buyer by mail, phone, fax, e-mail or other means of communication during the term of this Contract and anytime thereafter.
Internet fraud — the use of Internet services or software with Internet access to defraud victims — is on the rise in real estate transactions.
THESE SOPHISTICATED CRIMINALS COULD:
• HACK INTO YOUR E-MAIL ACCOUNT or the e-mail of others involved in your real estate transaction and may direct you to wire money to the hacker’s account.
• SEND FRAUDULENT E-MAILS that appear to be from your real estate licensee, lender, or closing agent.
• CALL YOU claiming they have revised wiring instructions.
Buyers/Tenants and Sellers/Owners are advised to:
(1) Never wire funds without confirming the wiring instructions directly with the intended recipient.
(2) Verify that the contact information for the wire transfer recipient is legitimate by calling a known phone number for the broker or closing agent. Do not rely on the information given to you in an e-mail communication.
(3) Never send personal information through unsecured/un-encrypted e-mail.
If you suspect wire fraud in your transaction:
(1) Immediately notify your bank, closing agent, and real estate licensee.
(2) File a complaint online at the Internet Crime Complaint Center (IC3) at http://www.ic3.gov.
The undersigned acknowledge receipt of this wire fraud alert and understand the importance of taking proactive measures to avoid being a victim of wire fraud in a real estate transaction.
By e-signing below, you agree to the above terms and conditions.