Acknowledgment of Offer Presentation
In a tight and competitive real estate market, a common concern expressed by buyer agents is whether their clients’ purchase offer has been presented to the seller.
As of January 1, 2019, Article 1, Standard of Practice 1-7 of the REALTOR® Code of Ethics was amended to allow a buyer’s agent to ask for and receive acknowledgment from the listing agent, that their offer was presented. The request must be made in writing by the buyer agent and, in turn, the listing agent must provide a written response.
The NAR COE Article 1-Standard of Practice 1-7 was amended as follows:
“When acting as listing brokers, Realtors shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide a written affirmation to the cooperating broker stating that the offer has been submitted to the seller/landlord, or written notification that the seller/landlord has waived the obligation to have the offer presented. Realtors shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. Realtors shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease.”
This obligation to provide written affirmation of the status of a purchase offer has also been added to the CVR MLS Rules and Regulations. Failure to comply could potentially be both an ethics violation and an MLS violation.
For questions concerning this new obligation, ask your Broker or contact Peggy Lynch at plynch@RARealtors.com.