Real Estate Transaction Situations

By
Real Estate Agent with Keller Williams Realty

When a seller puts his home on the market, there may be circumstances that may arise that the seller is unfamiliar how to correctly handle.  At this time, they should seek the advice from their realtor, or a lawyer.  For example, if a seller accepts a verbal offer for his property from a buyer.  Then the buyer either submits a written offer with a different sales amount, or does not submit a written offer.  The seller in these situations has no recourse.  The offer must be in writing before a seller can hold a buyer accountable for an offer.  Another example, deals with terminating a listing agreement.  The seller states in the listing agreement he will give the listing agent 5-days written notice before the agent must terminate the contract.  Then the seller notifies the listing agent in writing, and waits the required days per contact.  At this time, the seller is free to list with another real estate agent.  If such a statement does not exist in the contract, the seller must request termination of listing contract using a listing termination form, or letter from listing agent's broker releasing the seller from the terms of your listing agreement.           

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