Minnesota · Minn. Stat. §§82.66, 82.67Minnesota agency disclosure and buyer's broker agreements: when each is required and what goes in them

In a residential sale, a Minnesota broker or salesperson gives the consumer the statutory agency disclosure form at the first substantive contact; the form describes the available agency and facilitator relationships and has a signature line acknowledging receipt (Minn. Stat. §82.67, subds. 1, 3). The form tells consumers that representation requires a written contract – a listing contract or a buyer representation contract – and that until then they are customers, not clients (§82.67, subd. 3). Before performing any act as a buyer's representative, the licensee must obtain a signed buyer's broker agreement, in writing, with a definite expiration date, the compensation or how it's computed, the services and the events that earn compensation, the cancellation terms, any override clause with a 72-hour protective list, a boldface notice that compensation is negotiated between broker and client, and the statutory dual agency disclosure (§82.66, subd. 2). Listing agreements carry parallel requirements, and a signed listing agreement is needed before advertising the property, including putting up a sign (§82.66, subd. 1).