A competing offer situation, when a seller receives more than one written offer on a property, creates unique circumstances for consumers and it is important for both buyers and sellers to understand how they can handle these situation.

The Commission talks a lot about ensuring you have items in writing. While the term may seem straight forward, there are some important rules to remember.

We require all real estate agreements facilitated through licensees, including amendments, to be in writing. This application of “in writing” necessitates written terms and bona fide signatures of all parties. This includes agreements between consumers and agreements between consumers and brokerages.  

When buying real estate, the onus is on the buyer to ask questions if something is specifically important to them rather than relying on a licensee to anticipate their needs. 

The use of ‘Coming Soon’ advertisements by licensees for properties pending placement on the MLS system has noticeably increased over the past few months.

The next time you take to Instagram or Facebook to highlight an anticipated future listing, take a moment to ensure what you are displaying meets the Commission’s Board of Director’s recently approved policy setting minimum standards for ‘Coming Soon’ advertising.

Electronic signature services have simplified the process of obtaining signatures from consumers on agreements and offers. While electronic signatures change how a document is signed, your obligations to real estate consumers remain the same.