I received a quote for one of my listings, but it was created on an outdated form. Do I have to submit the offer to the seller or ask the buyer`s broker to resubmit the offer first on a current form? The other terms of this agreement on the sale of the property, which includes the temporary lease under the main contract, could provide sufficient consideration for the lease to be effective and enforceable without providing additional financial consideration for the duration of the temporary lease. No. While a buyer or seller may propose a contract change at any time, simply proposing a contract change – or refusing to accept a proposed change – does not give either party a unilateral right to terminate an existing contract. The contract will only be modified after the parties have signed the amendment that implies their consent. Without complete modification, the original contract remains in force as in writing. The same considerations apply to the selection of a listing contract if the buyer`s likely intended use of the unimproved property would be for commercial or agricultural and ranch purposes. In the absence of a statement from Seller`s agent that it is not authorized to accept the check for the Option Fee for the Seller, the Seller`s agent may accept the check for the Option Fee, and if the Seller accepts and signs the Offer, the Seller`s Agent may then sign the receipt for the Option Fee on behalf of the Seller. The last page of the contract states that the seller or listing broker can sign the option fee receipt. Buyers should always offer their option fee with their offers to ensure that the termination option is part of the binding contract if the seller accepts and signs the contract. The risk to the buyer who does not offer the option fee in a timely manner is that the seller will be able to sign and accept the offer and that the contract will not include a binding termination option.

Although the contract allows the buyer to pay the option fee within three days of the effective date of the contract, it is safer to offer the option fee with the buyer`s offer. Once an oral agreement has been reached, the change must be made in writing. Unless complicated changes are made, the document should not exceed 1 or 2 pages. The broker often writes the form in the presence of the owner in the agreed language. Are the seller and the listing broker required to submit the second offer or safeguard contract to the lender even if the lender has not yet accepted or rejected the first contract? The modification of a registration contract requires the consent and signature of the owner. Any changes must be explained in detail so that all parties agree. Contract forms ask the broker – either the listing broker or the buyer`s broker – to enter the final acceptance date as the effective date. It may be a good idea for both brokers to confirm the effective date to each other when communicating the final acceptance. After completing inspections of one of my listings, the buyer asked the seller to repair several items listed in the inspection report.

The seller refused to carry out any of the repairs. During the option period, I received a release form from Earnest Money (TAR 1904), which was signed by the buyer and his agent and showed that the serious money had been returned to the buyer. The Seller or the Listing Agent has not received any notice of termination of the Contract from the Buyer (TAR 1902). Does the Earnest Money Release form meet the buyer`s termination requirements under Section 23 of the Agreement? Editor`s note: The new wording of paragraph 7D of the one- to four-family housing contract (resale) (TAR 1601, TREC 20-8) became mandatory on 1 September 2008. Dawn Moore, a member of TREC`s Broker Lawyers Committee, made the following statement of the change. In order to avoid a potentially serious error in the drafting of contracts, TREC approved an amendment to paragraph 7D of the four-family residential contract (resale). Paragraph 7D establishes the agreement between the seller and the buyer with respect to one of the essential conditions of the contract: acceptance of the State of ownership. In order to bind the seller to the buyer, the buyer must make a binding offer with all the essential conditions that the seller can accept.

If the buyer does not have any repairs in mind when submitting the initial offer, he must check § 7D (1). If Buyer becomes aware of a particular item that needs to be repaired (either because it is visible, appears on Seller`s disclosure, or is otherwise notified to Buyer prior to inspections), Buyer will review paragraph 7D(2) and insert the specific repair. During the option period, the buyer may submit an amendment to both provisions. If the seller does not accept the buyer`s modification, the buyer may terminate the contract. Note: Subsection 7D(2) requires specific remedies. If the agent performs something other than a specific remedy, TREC considers him to be the agent practicing the law without a license. This contract is an „as is” contract with an option. This answer would apply to the identical wording of § 7 of all other TREC contracts with the exception of the new housing contract (incomplete construction).

Ask the listing agent for the effective date of the pending contract. This date is inserted in the first space. In order to reduce the risk of confusion on the part of the seller, the listing broker, as the principal of the agreement, could remove the part of the agreement that applies to the improvements or add a statement in the „Special Provisions” section indicating that the property is an unimproved lot. If the seller plans to sign an offer with another broker, it is unlikely that the seller will agree to sign the change, which could lead to further discussions. If you find that you wish to cancel the registration contract, you can use the cancellation of the advertisement (TAR 1410). This form provides for the early termination of a registration and determines whether the broker will receive compensation for the early termination. As long as the seller has asked the listing broker to make offers directly to the lender, the listing broker is immune from the seller`s liability. My client received a full quote for a property I had registered for him after signing an exclusive right to sell a residential property (TAR 1101), but he now declares that he is no longer interested in selling his property and refuses to accept the offer.

I believe I still earn my commission because I fulfilled my obligation under the registration contract by bringing him a suitable buyer. Am I still entitled to my commission? I made an offer to a listing agent on behalf of my client who offered to pay $1,500 in cash. This listing agent reviewed the offer but said he would not present it until he received the cheque. .