Okay, it’s very simple. You don’t have to think about this one. Always follow NJREC laws and rules. Anything written and signed ALL PARTIES GET A COPY and MUST BE PRESENTED no exceptions. This is a crucial NJREC regulation. For example, Listing Agent A submits an offer from Buyer Agent B maybe from same office. Everyone is happy, happy, happy and it’s a love fest. The offer is accepted and in Attorney Review. Buyer Agent C can still submit written offers while in Attorney Review. Why you ask? It’s because it ain’t over till Three Day Attorney Review has been mutually concluded. Now what if the seller verbally says, “no more showings”. Again, remember ALL WRITTEN OFFERS must be presented. Written offers submitted after Attorney Review conclusion are called back-ups. Now stop and think for a moment… Put your Granny in this situation. There is an offer to sell Granny’s house. During Three Day Attorney Review another written offer comes in better price, terms or conditions. What are Granny’s options? Don’t risk treble damages and possible license suspensions because ALL WRITTEN OFFERS were not presented during and after Three Day Attorney Review and Granny misses out on a nicer nursing home room with a window. (remember sellers, buyers and Granny will always find out) The responsible Broker of Record has a fiduciary to all buyers, sellers, tenants, landlords and to all Grannies to present ALL WRITTEN OFFERS. Regulations NJREC 11:5-6.2 and 11:5-6.4 spells out exactly what these mandatory obligations are and how to be followed with no exceptions ever. Think about it this way. The speed limit in town is 25 mph. Driver A goes over the limit and get away with it for years. Eventually Driver A will get pulled over and pays a hefty fine. If Driver A is habitually speeding maybe license forfeiture is in order. So always follow the law to avoid a bad legal and financial problem. Did anyone notice how I substituted Driver A from Agent A? Damn I’m a great wordsmith.
Aug 29, 2022 | Silky Says