No no. A seller is not obliged to respond to an offer in a certain way. An oral counter-offer could, in many cases, speed up negotiations on the sale of real estate. It goes without saying that once an agreement has been reached on the terms of sale, the parties should immediately reduce the contract to the letter and sign the contract in order to make it binding. In this situation, the short-sale addendum (TAR 1918) should always be attached to the contract in order to protect both the buyer and the seller, since there is a contractual agreement between the parties, under which each has specific performance requirements, and because the seller`s capacity under the contract is subject to the lender`s agreement. The addendum makes it clear that if the seller and buyer are executed, the contract is binding and the money earned and the option fees are payable in accordance with the contract. My client received a full-priced offer for a property I had listed for him after signing a residential real estate listing contract, the exclusive right to sell (TAR 1101), but he now declares that he is no longer interested in selling his property and refuses to accept the offer. I believe that I always earn my commission because I fulfilled my obligation to the listing contract by offering him a suitable buyer. Am I still entitled to my commission? The example of the last section (vague request for “complete renovation” of the property) is a good example of how a real estate lawyer can make a difference by creating a specific additional body that clarifies the parties` concrete intent and approval.
Second, REALTOR® members are required to comply with Article 12 of the Code of Ethics, which requires realTORS ® to be honest and truthful in their communication and to give a real image in their ads at all times. It is entirely predictable that a jury of hearings could find a member who would violate the code if that member advertised a list price in mls with the full knowledge and understanding that the seller is not in a position to accept offers at that price. Nar will soon consider whether to adopt new rules that would better describe how the status of short-sale real estate in MLS should be disclosed by REALTOR ®. Forward-looking changes to a serious credit contract should be considered in light of the merger doctrine, which provides that final documents (including documents) follow the terms of the contract.