Residential Contracts – 2016-2017 Required Module | Minnesota Approval #1022941

$39.00

3.75 Elective Education Hours Including 1 Hour Broker Management | Online HD Video Class | Instructor: Timothy Sinclair
Your Minnesota sale isn't closed until the contracts are in.  This course will explore contracts and forms with emphasis on the required elements of a binding contract, agency relationships, disclosure requirements, addenda/contingencies, and closings.

SKU: 1899 Category: Tags: ,

Description

Residential Contracts
7/1/16-6/30/17 Salesperson & Broker Required Module
Timed Outline


 

COURSE SYLLABUS

Course Description

This class will explore contracts and forms related to the Minnesota real estate transactions. Special emphasis will be placed on the contract issues that come up in day-to-day businesses so agents will be better equipped to serve buyers and sellers after instruction on what is contractually required. (This Module Also Satisfies the 1-Hour Broker Module Requirement.)

After completing this course participants will be able to:

  • Have a better understanding of what is required by law in real estate contracts;
  • Examine various contracts, addendums, and agreements and review forms issues that create problems in real estate transactions;
  • Learn to avoid contractual perils and pitfalls;
  • Be better equipped to serve buyers and sellers in today’s complex real estate transactions

 


 

Welcome and Course Objectives

Lesson 1 Elements of a Binding Contract (23 minutes)

  1. Bilateral versus unilateral
  2. Enforceability
    1. Contingencies
  3. Essential elements
    1. Capacity
    2. Mutual agreement

Lesson 2 Elements of a Binding Contract cont. (14 minutes)

  1. MN Plain Language statute
  2. Performance
  3. Discharge
  4. Breach
  5. Remedies
  1. Assignability
  2. When clients should seek legal advice
     

Lesson 3 Representation Contracts and Facilitator Services Agreements (28 minutes)

  1. Agency Relationships
    1. Disclosure only, not a contract for representation
    2. Seller’s Broker
    3. Buyer’s Broker
    4. Dual Agent
    5. Facilitator
    6. Fiduciary Duties

Lesson 4 Representation Contracts and Facilitator Services Agreements cont. (16 minutes)

  1. Listing Contract
    1. Required Elements & Other Provisions
      1. Expiration Date
      2. Description of property involved
      3. List Price and Terms required by seller
      4. Amount of Compensation and Required Compensation Notice
      5. Statement explaining the event that will entitle broker to a commission
      6. Seller’s instructions
      7. Cancellation Terms
      8. Override Clause and Protective Lists
      9. Name
      10. Effective Date
      11. Price
      12. Leasing Option
      13. Authorization
      14. Hold over clause prohibition
      15. Compensation & Required Notice
      16. Closing services
      17. Additional costs
      18. Agency representation
        1. Dual Agency and the required disclosure statement
      19. Required notice in Residential transactions that seller is not obligated to pay compensation to broker if seller enters is obligated to pay a commission to another licensee
    2. Electronic signatures
    3. Acceptance and dates
  2. Buyer Representation Contracts
    1. Exclusive vs. Non-exclusive
    2. Required Elements & Other provisions
      1. Expiration date
      2. Statement explaining services to be provided
      3. Buyer’s instructions
      4. Cancellation Terms
      5. Override Clause and Protective Lists
      6. Property address
      7. Name
      8. Effective Date
      9. Price
      10. Leasing Option
      11. Terms
      12. Authorization
      13. Hold over clause prohibition
      14. Compensation & Required Notice
        1. Compensation Disclosure to Buyer
      15. Closing services
      16. Additional costs
      17. Agency representation
        1. Dual Agency and the required disclosure statement
      18. Required notice in Residential transactions that buyer is not obligated to pay compensation to the broker if the buyer enters into another valid buyer’s broker agreement obligating the buyer to pay another licensee.
    3. Electronic signatures
    4. Acceptance and dates
  3. Facilitator Services Agreements: Buyer & Seller

Lesson 5 Disclosure Issues (15 minutes)

  1. Seller Disclosure in Residential Property
    1. Seller’s Property Disclosure
  2. Seller Disclosure Alternatives
    1. Private Inspection
    2. Waiver
  3. Other Seller Disclosure Requirements
    1. Subsurface Sewage Treatment
    2. Private Well
    3. Evaluation Exclusions
    4. Methamphetamine
    5. Radon
    6. Airport Zoning
    7. Predatory Offenders

Lesson 6 Purchase Agreement (17 minutes)

  1. Parties’ Names
  2. Property address
  3. Ernest money obligations
  4. Fixtures
  5. Personal Property
  6. Price
    1. Financing
    2. Closing Date
  7. Deeds
  8. Property taxes and assessments
  9. Linked Devices
  10. Possession
  11. Title and examination
    1. Dual agency
  12. Mechanics Liens
    1. Lien waiver required
  13. Definition of dimensions
  14. Risk of Loss
  15. Time is of the essence
  16. Entire Agreement
    1. Electronic Signature
    2. Electronic communication
  17. Default
  18. FIRPTA
  19. Final acceptance
    1. Signatures/dates of all parties
    2. Delivery

Lesson 7 Counter Offers and Addenda (19 minutes)

  1. Standard terms
  2. Signatures required on purchase agreement
  3. Conventional
    1. Contingency Options
  4. FHA
    1. Contingency Options
    2. Escape Clause
    3. Work Orders
    4. Re-inspection Fees
    5. Processing Fees
  5. DVA
    1. Contingency Options
    2. Escape Clause
    3. Work Orders
    4. Re-inspection Fees
    5. Processing Fees
  6. Contract for Deed
    1. Uniform Conveyancing Blank (UCB) Contract for Deed
      1. Financing Addendum distinguished from the Contract for Deed
      2. UCB Contract for Deed
        1. Title
        2. Deed
        3. Purchase Price
        4. RE Taxes and Assessments
        5. Insurance
        6. Recording of Contract by Purchaser
        7. Defaults and Remedies
        8. Additional Terms
    2. Required Transactions
      1. Multiple Seller
      2. Unrepresented Buyer
      3. Residential Property
    3. Disclosure Form
      1. Front of Purchase Agreement
      2. 5-Day Waiting Period
      3. No Waiver
      4. Cancellation
        1. Voluntary
        2. Declaratory Cancellation
      5. Remedies
      6. Accounting Required

Lesson 8 Seller Contributions (15 minutes)

  1. Closing Costs

Condominium Townhouse CIC Addendum

  1. Calculation of days
  2. Exempt properties
  3. Right to cancel provision

Contingency Addendum Sales of Buyer’s Property

  1. Mechanics of the contingency

Inspection Contingency

  1. Types of inspections
  2. Mechanics of the contingency
  3. Cancellation
  4. Material fact disclosure

As Is Addendum

  1. Seller disclosure alternatives with waiver
  2. Limitation of Seller Liability/legal advice
  3. Warranties
  4. Risk of loss

Cancellation of a Purchase Agreement

  1. Cancellation agreement signed by both parties
  2. Refusal to sign a cancellation
  3. Statutory cancellation
  4. Earnest money issues

One Time Showing Contract

  1. Secures compensation
  2. Specific buyer

Lesson 9 Roundtable Discussions (30 minutes)

Final Assessment (20 minutes)

 

Total Course length: 197 minutes (3.75 hours)


Course instructors will be available by email or telephone between 9am and 5pm Eastern Standard Time. They will assist you with questions regarding course content.

If you have any questions, please call us at 1-800-727-7104 or send an email to info@onlinecit.com. Email responses will usually be returned promptly, but guaranteed within one business day.

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