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LISTING CONTRACT: EXCLUSIVE RIGHT TO SELL Page 5 38. 168. Property located at . 169. ADDITIONAL COSTS: Seller acknowledges that Seller may be required to pay certain closing costs, which may 170. effectively reduce the proceeds from the sale. 171. Seller understands that mortgage financing services are usually paid for by buyer; however, certain insured government 172. loans may require Seller to pay a portion of the fees for the mortgage loan. Seller understands that Seller shall not 173. be required to pay the financing fees on any mortgage without giving Seller’s written consent. 174. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (“FIRPTA”): Section 1445 of the Internal Revenue Code 175. provides that a transferee (“Buyer”) of a United States real property interest must be notified in writing and must 176. withhold tax from the transferor (“Seller”) if the transferor (“Seller”) is a foreign person, provided there are no applicable 177. exceptions from FIRPTA withholding. 178. Seller represents and warrants that Seller IS IS NOT a foreign person (i.e., a non-resident alien individual, -----(Check one.)---- 179. foreign corporation, foreign partnership, foreign trust, or foreign estate) for purposes of income taxation. 180. Due to the complexity and potential risks of failing to comply with FIRPTA, Seller should seek appropriate legal and 181. tax advice regarding FIRPTA compliance, as Broker will be unable to confirm whether Seller is a foreign person 182. or whether the withholding requirements of FIRPTA apply. 183. WARRANTY: There are warranty programs available for some properties which warrant the performance of certain 184. components of a property, which warranty programs Seller may wish to investigate prior to the sale of the Property. 185. AGENCY REPRESENTATION: If a buyer represented by Broker wishes to buy the Seller’s Property, a dual 186. agency will be created. This means that Broker will represent both the Seller and the buyer, and owe the same 187. duties to the buyer that Broker owes to the Seller. This conflict of interest will prohibit Broker from advocating exclusively 188. on the Seller’s behalf. Dual agency will limit the level of representation Broker can provide. If a dual agency should arise, 189. the Seller will need to agree that confidential information about price, terms, and motivation will still be kept 190. confidential unless the Seller instructs Broker in writing to disclose specific information about the Seller. All other 191. information will be shared. Broker cannot act as a dual agent unless both the Seller and the buyer agree to it. By 192. agreeing to a possible dual agency, the Seller will be giving up the right to exclusive representation in an in-house 193. transaction. However, if the Seller should decide not to agree to a possible dual agency, and the Seller wants Broker 194. to represent the Seller, the Seller may give up the opportunity to sell the Property to buyers represented by Broker. 195. Seller’s Instructions to Broker: 196. Having read and understood this information about dual agency, Seller now instructs Broker as follows: 197. Seller will agree to a dual agency representation and will consider offers made by buyers represented by 198. Broker. 199. Seller will not agree to a dual agency representation and will not consider offers made by buyers represented 200. by Broker. 201. Real Estate Company Name: 202. Seller: 203. By: (Licensee) Seller: 204. Date: MN:LC:ERS-5:499 (8/20) 3588 Ridgewood Rd Arden Hills 55112 RE/MAX Results MN 8 8 John Peck