Proposed change to the REALTOR® code of ethics addresses offer confirmations

A proposed change to the REALTOR® Code of Ethics would require — when requested in writing — that confirmation that an offer has been presented, must be in writing. The National Association of REALTORS® delegate body will vote on the following proposal during their November meeting:

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 his 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 a 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 requirement benefits listing brokers by confirming their ethical duty to present offers consistent with Standard of Practice 1-7, and benefits cooperating brokers by affording them written confirmation of offer presentation to provide to their potential buyers. In a real estate market where inventory is low, this requirement establishes a valuable assurance of offer presentation for consumers.

If this change is approved, it will be effective Jan.1, 2019.

If you have any additional questions, contact Rebecca Carraher, Illinois REALTORS® Director of Ethics and Professional Standards at 217/391-4803 or via email at rcarraher@IllinoisRealtors.org.

2018-09-21T15:28:37+00:00October 12th, 2018|Ethics, Illinois REALTOR® Magazine|0 Comments

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