Rules & Regs 9 Selling Procedures

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9. SELLING PROCEDURES

9.1        Showings and Negotiations

Appointments for showings and negotiations with the seller for the purchase of listed property filed with the Service shall be conducted through the listing broker except under the following circumstances:

1. the listing broker gives the buyer broker specific authority to show and/or negotiate directly with the seller, or
2. after reasonable effort and no less than 1 day, the buyer broker cannot contact the listing broker or his representative. However, the listing broker, at his option, may preclude such direct negotiations by the buyer broker by giving notice to all participants through the MLS.

In the event all showings and negotiations will be conducted solely by the seller, the listing broker shall clearly set forth such fact in the listing information published by the Service.

For violation of this section, see Appendix A, Citable Infractions, 3.1, Submission of Listings That Do Not Satisfy the Requirements of the MLS Rules.

9.1.1    Showing Access

Upon entry, listings must be available to show within 3 days, except for those indicated as Members Only-Do Not Show. Listings that specify “make offer subject to inspection” must be tenant occupied or present a safety or security issue, which shall be noted in the confidential remarks. Listings which the seller does not want to show subsequently must be temporarily withdrawn.

For violation of this section, see Appendix A, Citable Infractions, 5.1, Showings and Access.

9.2        Disclosing the Existence of Offers

Listing brokers, in response to inquiries from buyers or buyer brokers, shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized, the listing broker shall also disclose if asked whether offers were obtained by the listing licensee, by another licensee in the listing firm, or by a buyer broker.

9.3        Availability to Show or Inspect

Listing brokers shall not misrepresent the availability of access to show or inspect a listed property. 9.4 Presentation of Offers The listing broker must make arrangements to present the offer as soon as possible, or give the buyer broker a satisfactory reason for not doing so. If a seller(s)/landlord(s) has directed that offers are not to be presented for any length of time, seller’s direction authorizing such arrangement shall be in writing, and listing broker shall provide clear and accurate notice of the date/time of presentation of offers as set forth in the written instruction to Participants and Subscribers in the MLS. In the event a listing broker will not be participating in the presentation of offers, the listing broker shall clearly indicate this fact in the listing information published by the Service.

9.5        Submission of Offers and Counteroffers

The listing broker shall submit to the seller/landlord all offers until closing unless precluded by law, governmental rule or expressly instructed in writing by the seller/landlord otherwise. If requested by buyer broker in writing, listing broker shall provide buyer broker with listing broker’s written verification that buyer broker’s offer was presented (or a written notification that the seller has waived the obligation to have the offer presented), said verification to be provided to buyer broker within 3 days of buyer broker’s request. The buyer broker acting for buyer/tenant shall submit to buyer/tenant all offers and counter-offers until acceptance.

For violation of this section, see Appendix A, Citable Infractions, 6. Presentation of Offers.

9.6        Right of Buyer Broker in Presentation of Offer

The buyer broker has the right to participate in the presentation of any offer to purchase he secures. The buyer broker does not have the right to be present at any discussion or evaluation of that offer by the seller and the listing broker. However, if the seller gives written instructions to the listing broker requesting that the buyer broker not be present when an offer the buyer broker secured is presented, the buyer broker shall convey the offer to the listing broker for presentation. In such event, the buyer broker shall have the right to receive a copy of the seller’s written instructions from the listing broker. Nothing in this section diminishes or restricts the listing broker’s right to control the establishment of appointments for offer presentations.

9.7        Right of Listing Broker and Presentation of Counteroffers

The listing broker has the right to participate in the presentation of any counter-offer made by the seller or lessor. The listing broker does not have the right to be present at any discussion or evaluation of a counter-offer by the purchaser or lessee (except where the buyer broker is a subagent). However, if the purchaser or lessee gives written instructions to the buyer broker that the listing broker not be present when a counter-offer is presented, the listing broker has the right to a copy of the purchaser’s or lessee’s written instructions.

9.8        Change of Compensation Offer by Buyer Broker

Buyer broker participants and real estate subscribers shall not use the terms of an offer to purchase to attempt to modify the listing broker’s offer of compensation nor make the submission of an executed offer to purchase contingent on the listing broker’s agreement to modify the offer of compensation. However, failure of a buyer broker to comply with this rule shall not relieve a listing broker of the obligation to submit all offers to the seller as required by Section 9.4.

9.99.8 Buyer Broker as a Purchaser

If a buyer broker wishes to acquire an interest in property listed with a listing broker, such contemplated interest shall be disclosed to the listing broker prior to the time an offer to purchase is submitted to the listing broker.

For violation of this section, see Appendix A, Citable Infractions, 6, Presentation of Offers

9.109.9 Physical Presence of Participant or Subscriber

A Participant or Subscriber must be physically present on the property at all times when providing access to a listed property unless the Seller has consented otherwise.

For violation of this section, see Appendix A, Citable Infractions, 5.1, Showings and Access.

(NOTE: Nothing in these rules shall preclude the listing broker and buyer broker from entering into a mutual agreement to change cooperative compensation.)