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Helping Sellers Understand Today's Competition

Issue 2 in a series of 5

Many of you can remember times (think 2001-2005) when sellers would place their property on the market and within days they would be mulling over which "above list price" offer they would accept. Many homeowners thought this phenomenon would continue far into the foreseeable future. But like everything else in life, real estate has high points and low points. It's time for you to help your sellers understand the marketplace has changed.

In this series of helpful tips, Minnesota REALTOR® staff is providing you with tools to help sellers understand why their property has not sold. It is important during times of change that the clients you represent have a full understanding of why the market has changed and what steps you can take together to help them meet their housing goals.

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NEW Statutory Airport Zoning Disclosure Requirement

Effective August 1, 2006 a seller of real property in Minnesota, before accepting consideration or signing an agreement to sell or transfer real property that is located in an airport safety zone A, B, or C, will be required to disclose to the buyer, in writing, the existence of airport zoning regulations that affect the real property.

The disclosure does not apply to safety zones associated with an airport owned or operated by the Metropolitan Airports Commission. Those airports that are specifically excluded:

  • Anoka County Airport
  • Crystal Airport.
  • Eden Prairie - Flying Cloud
  • Lake Elmo
  • Lakeville - Air Lake
  • Minneapolis/St. Paul International Airport
  • St. Paul Downtown

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Rules for handling Transactions with Foreign Born Persons

The IRS has asked us to publicze the following information. Additional information is available online at www.mnrealtor.com.

Dear Real Estate Professional:

As a real estate professional, you are well aware of the increased foreign investment in U.S. real estate over the past few years. Because the tax rules governing ownership and disposition of U.S. real estate by foreign persons are different in many ways to those that apply to U.S. persons, understanding the tax laws is critical for real estate professionals to avoid personal liability for improper U.S. federal income tax compliance.

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Learn in Order to Earn

Minnesota REALTOR® CE Opportunities

REALTORS® Land Institute 101
This 2-day REALTORS Land Institute (RLI) Land University Course introduces participants to the land brokerage specialty. This course addresses a broad range of topics that include: The basics of land brokerage, tax deferred 1031 exchanges, determining market value, Property rights and restrictions, subdivision and assemblage and environmental and regulatory issues.

August 3 & 4 - RLI Land 101


2006 MNAR Form Changes & Contract Law Issues

Instructors: Susan Dioury and Brad Boyd, Esq.

The new 2006 MNAR form changes take effect August 1st. Get ahead of the game and become acquainted with the new forms and all the changes. MNAR is introducing 4 new forms plus numerous changes to existing forms. Come and learn from the experts and have your questions on contract law issues answered by an attorney! Staying abreast of all the latest form changes will be extremely helpful in managing your business.


Minnesota REALTORS® are offering two forms programs:

August 24 - Education Extravaganza - Minneapolis

September 13 - Education Extravaganza - Rochester

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