Every August we get new contract forms for Minnesota real estate. We get to see the forms or parts of them before they become effective but do not have access to them until August 1st. If you are buying a house August 1st isn’t the best day to do it. There is a higher likelihood that a Realtor will make a mistake when she sees and uses new forms for the first time.
The reason why we do not get the forms ahead of time is because . . . . . ? It might just be about trust. Maybe someone would use the new forms before August 1st?
This yea
r’s changes include a few new forms. The forms outline who will pay a buyer’s agent.
Our contracts tend to get a little more complex and longer each year. There have been some real improvements, including page numbers. In the old days, buyer’s agents had to put page numbers on purchase agreements, which didn’t always end well.
If you are a home buyer or seller you should take the time to read the contracts.
August 1st is also a day in Minnesota when new laws go into effect.
Enjoy!
