Minnesota requirements

Beginner's Questions
1

Hi. I’m planning to become a signing agent in Minnesota. I’m a little confused with one of the requirements which is the truss account. Can someone explained to me.

“Trust account waiver. Minn. Stat. § 82.75, subd. 6 requires every applicant for a real estate closing agent’s license to provide a notice of trust account status, including the trust account numbers, at the time of application for the license. An applicant for a real estate closing agent’s license may apply for a waiver of these notice requirements, however, if neither the applicant nor any individual licensed brokers, salespersons, or closing agents who are or may become affiliated with the applicant’s real estate company will receive any trust funds.”

2

Easy - are you going to handle money? Are you going to be handling any of the monies that pass through a real estate transaction? Do you have any employees or affiliates who MAY handle these funds? If not, if all you’re going to do is get the docs signed and notarize where required, then you can apply for a waiver

For exact clarification, I’d contact the licensing division to be sure.

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3

Thank so much for your explanation. Now I understand it.