REAL ESTATE Q: I've been told representation is important in Real Estate transactions. What does it mean to be represented? Dick Phelps A: In a nutshell, representation is someone watching out for your best interest. Minnesota Law requires a broker or Sales person (Agent) to explain representation and define the relationship the client desires. In a sale of property, there are two sides to the transaction; Buying and Selling sides. The broker or agent who assists you to sell by listing your property acts on your behalf (represents) and owes you certain fiduciary duties. The Buyer may enter into an agreement to be represented and is owed the same fiduciary duties (representation). Dual Agency occurs when one broker/salesperson represents both parties to a transaction or when two salespersons licensed to the same broker each represent a party to the transaction. Dual agency requires the informed consent of all parties and means the broker/ salespersons owe the same fiduciary duties to both parties. The Fiduciary duties are: LOYALTY; act in best interest of party, OBEDIENCE; carry out lawful instructions, DISCLOSURE; disclose all known material facts which might reasonably affect use and enjoyment of property, CONFIDENTIALITY; keep confidences unless required by law to disclose, REASONABLE CARE; use care in preforming duties, ACCOUNTING; account for all client's money and property received. Century For Questions Contact: Dick Phelps 218-766-5263 e rphelps@century21dickinson.com DICKINSON REALTORS REAL ESTATE Q: I've been told representation is important in Real Estate transactions. What does it mean to be represented? Dick Phelps A: In a nutshell, representation is someone watching out for your best interest. Minnesota Law requires a broker or Sales person (Agent) to explain representation and define the relationship the client desires. In a sale of property, there are two sides to the transaction; Buying and Selling sides. The broker or agent who assists you to sell by listing your property acts on your behalf (represents) and owes you certain fiduciary duties. The Buyer may enter into an agreement to be represented and is owed the same fiduciary duties (representation). Dual Agency occurs when one broker/salesperson represents both parties to a transaction or when two salespersons licensed to the same broker each represent a party to the transaction. Dual agency requires the informed consent of all parties and means the broker/ salespersons owe the same fiduciary duties to both parties. The Fiduciary duties are: LOYALTY; act in best interest of party, OBEDIENCE; carry out lawful instructions, DISCLOSURE; disclose all known material facts which might reasonably affect use and enjoyment of property, CONFIDENTIALITY; keep confidences unless required by law to disclose, REASONABLE CARE; use care in preforming duties, ACCOUNTING; account for all client's money and property received. Century For Questions Contact: Dick Phelps 218-766-5263 e rphelps@century21dickinson.com DICKINSON REALTORS