Teresa, Teri Eckholm (why do they spell Theresa with an "h" and the nickname Teri without?), and I joined a few hundred other St. Paul real estate agents in continuing education classes for four hours this afternoon.  Teresa thought she'd be funny and get a picture of me sleeping!  It didn't work out so well as the photo looks like I'm seriously studying my class material!  We laughed about putting it on the "Weenie" but she said even she wouldn't be that cruel to me!  So, I'll beat her to it and publish it myself! 

What can I say?  Four hours of chair time.  I cat-napped for 15 or so minutes.  Teresa paced like a caged lion in the back of the classroom for equal time.  We listened as PowerPoint slide after slide of new forms info was conveyed.  It droned on and on.  The content was important, but long in its presentation.

What did I learn when I wasn't napping?  (Real estate is local so this applies to Minnesota!)

• There are no initial lines on the bottom of purchase agreement pages for a reason.  If some initials are left out the agents have increased liability.  Don't put initials where they are not requested.
• Number all the pages . . . duh!
• Personal property addenda can be considered side agreements.  Sale of personal property can be done, but the items should sell for market price and not be included in the sale of the house.
• The presenters thought it necessary to define the difference between cash and financing?
• Disclosures should not be included in the numbered pages of the purchase agreement . . . even the lead paint and arbitration disclosures.
• An offer is not accepted until it has been delivered to all parties.  Another light bulb moment for some?
• An addendum is part of the purchase agreement.  An amendment changes the terms of a formerly accepted purchase agreement.  Wasn't this part of Real Estate 101?
• An "As Is" addendum means the buyer accepts the property in the condition it was in at the time of writing the offer.  If the mechanicals fail prior to close, that's the buyer's problem.  If the mechanicals cease to work because they have been tampered with prior to close, the seller has to correct the condition.  I.e., if the copper is stolen or windows are broken, the seller has to replace them prior to close.
• Contingencies (for sale of buyers' house) can now only be removed with proof of a valid non-contingent purchase agreement for the buyers' house.  Proof of being able to afford both houses no longer removes a contingency.  This one was new!
• When counting days for contingencies, exclude the first day and include the last.
  
• Minnesota uses counter offer addenda instead of crossing out and initialing changes.  When more than one counter offer is made, the counter offers are numbered 1,2,3,4, etc.  ONLY the final accepted counter-offer gets added to the purchase agreement.  The accepted counter-offer addendum is then given the next consecutive number in the purchase agreement sequence.  Change the total number of pages in the purchase agreement on page 1!  Duh!
• There is a reason for every change made to the forms.  Many of those reasons are based on litigation!
• The PowerPoint presentation spelled cancelled differently than the purchase agreement forms (canceled).
• Some changes have not yet been litigated so they don't know how they will hold up under fire!
• Four hours is a long time to sit in a chair.
• If one doesn't get cookies and coffee before the first 5 minute break, one is out of luck.  Without caffeine and sugar, the body takes over and cat-naps ensue. 
• Seventy-five women cannot use one four stall bathroom in five minutes.  It's logistically impossible.