Q: Where can I find the ruling on taking verbal offers and presenting verbal offers as being illegal? I am licensed in both Ohio and Pennsylvania.
?Anonymous, Andover, OH
A: I dont think verbal offers are illegal. I know in Illinois they are not. They aren?t binding, but not illegal. I would contact your attorney. They know laws the best :)
Matt Laricy is a Realtor? with Americorp Real Estate in Chicago, IL.
A: While verbal offers are not encouraged, they are also NOT a violation of the NAR Code of Ethics. Presenting an oral offer from a buyer falls within the intent of the Code. NAR Standards of Practice 1-6 and 1-7 talk about offers and counter-offers, but they don?t specify ?written? offers or ?written? counter offers.
Standard of Practice 1-6 states, ?REALTORS? shall submit offers and counter-offers objectively and as quickly as possible.? When you?re acting as the listing agent, Standard of Practice 1-7 says that you 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.? Neither of these requires the offer to be in writing.
Article 9 however states that an agent?s obligation is to have agreements in writing ?whenever possible.? ?REALTORS?, for the ?protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing??
With that said by the NAR, I think it?s fair to say that written offers are always preferable. However, Article 9 permits flexibility because of the phrase ?whenever possible.? And since NAR Standards of Practice 1-6 and 1-7 do not limit presentation of offers to those in writing, I would say that that all offers must be submitted (whether in writing or orally) but the fact that an offer is done verbally is not a violation of the Code of Ethics.
While it is still possible that your state licensing laws may limit presentation of offers to ?written? offers, the NAR Code does not make that distinction.
Even though I am not attorney I will offer that fact that oral offers usually do not constitute binding legal agreements in real estate transactions. To be sure, consult an attorney familiar with the Ohio and Pennsylvania statutes.
Lee Dworshak is a Realtor? with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.
Are you interested in having a qualified REALTOR answer your questions? Click through to Ask a REALTOR? now.
Are you a REALTOR who would like to answer consumer questions? Click through to become an Ask a REALTOR? participant.
Related posts:
- Do Realtors Have To Present All Offers To Their Clients?
- What Are The Rules About Responding To An Offer?
- We Are Stuck In A Bidding War, Is This Legal?
- Is A Realtor Allowed To Tell The Broker/Buyer About Other Offers?
- Why Can?t We Get Bank to Sell Us REO?
Source: http://www.realtor.com/blogs/2011/11/29/are-verbal-offers-legal/
chia seeds aziz ansari aziz ansari corn maze icloud apple update apple update
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.