A Minnesota buyer's agent is working with a client who is about to submit an offer on a property. Which of the following is NOT a duty the buyer's agent owes to the buyer under Minnesota law during the offer and acceptance process?
Correct Answer
D) Guaranteeing that the seller will accept the buyer's offer as submitted
A buyer's agent in Minnesota cannot and does not guarantee that a seller will accept an offer. Acceptance is entirely the seller's decision. The buyer's agent owes fiduciary duties under Minn. Stat. Ch. 82, including loyalty, disclosure, confidentiality, obedience, reasonable care, and accounting — but guaranteeing the outcome of negotiations is not among them. No agent can guarantee another party's decision.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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