Realtor® Legal Tip – Offer, acceptance and multiple offers.
October 1, 2019
Author: Curtis Bullock
Test your knowledge of the REPC on this simple but important distinction.
Let suppose the following: You are the listing agent. An offer is presented to your client for $400,000. Your Seller decides to counter the offer at $405,000 and gives the Buyer until 6pm to accept. Buyer agrees to the terms of the counter and signs the offer and checks the acceptance box at 3 pm. The Buyer’s agent gets tied up for the rest of the evening and isn’t able to inform you, the listing agent, of the signed acceptance. (Need Signature and communication for it to be considered under contract)
Question #1 – Has the Buyer accepted the offer? Where in the REPC does it give us the answer?
Question #2 – If an offer came in from another Buyer could the Seller accept that second offer?