Email/document from buyer’s agent to the listing agent (or FSBO seller):
"The offer/counter-offer/counter-counter-offer regarding the property _______________________________________________________________ SC (address, tax map number, MLS number, other identifying property information) dated by the seller(s) _________________________________________________ (name of seller/s) on _______________________ 2023 (calendar date and time) was received and presented to the buyer(s) ________________________________________ (name of buyer/s) on __________________________________ 2023 (calendar date and time) and the offer/counter-offer/counter-counter offer was rejected by the buyer(s) on _____________________________ 2023 (calendar date and time).
Buyer agent: __________________________________________________________
[To alleviate upset with the seller side, perhaps explain any extensive delay in presentation to the buyers or the buyers' response time (e.g., the presentation/response buyers' delay was caused by _______________________________ (e.g., cruise/travel, emergency).]
[Pay attention to any expiration dates and either extend or deal with the ensuing legal issues (e.g., creating an offer/counter-offer/counter-counter-offer if acceptance failed due to the offer/counter-offer/counter-counter-offer expiring before acceptance).]
[Obviously if the buyer properly sends an acceptance or an offer/counter-offer/counter-counter-offer back to the seller side of the transaction in a timely manner, that makes the above writing moot.]
[Note that a counter offer is an offer for contract law analysis purposes. Typically, the terms counter offer or counter counter offer denote that there was a back and forth, or a back and forth and back again movement of offers.]
SC license laws excerpt: This is the statute that created SCR314 from LLR SCREC.
(4) The broker-in-charge shall ensure that associated licensees prepare all offers and counteroffers in writing, have them dated and signed by the offerors, and promptly present them to the offerees or the offerees’ representative and ensure that:
(a) changes or modifications made during negotiations are in writing and initialed and dated by both parties before proceeding with the transaction;
(b) all of the terms and conditions of the transaction are included in the offer to purchase; and
(c) if associated licensees obtain a written acceptance of an offer or counteroffer, true, executed copies will be promptly delivered to all parties.
(5) If an offer is rejected without counter, an offer rejection form, promulgated by the commission, signed by the licensee affirming presentation of the offer must be provided to the offeror by the licensee, whether the agent of the buyer, the seller, or if acting as a transaction broker.
(6) An offer and counteroffer may be communicated by use of a fax or other secure electronic means including, but not limited to, the Internet, and the signatures, initials, and handwritten or typewritten modifications to the foregoing documents are considered valid and binding upon the parties as if the original signatures, initials, and handwritten, or typewritten modifications were present on the documents in the handwriting of each party.
NAR Code of Ethics excerpts:
- Standard of Practice 1-6
REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95)
- Standard of Practice 1-8
REALTORS®, acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. Upon the written request of the listing broker who submits a counter-offer to the buyer’s tenant’s broker, the buyer’s/tenant’s broker shall provide, as soon as practical, a written affirmation to the listing broker stating that the counter-offer has been submitted to the buyers/tenants, or a written notification that the buyers/tenants have waived the obligation to have the counter-offer presented. REALTORS®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated. (Adopted 1/93, Amended 1/22)
Article 9
REALTORS®, for the protection of all parties, shall assure whenever possible that all agreements related to real estate transactions including, but not limited to, listing and representation agreements, purchase contracts, and leases are in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. A copy of each agreement shall be furnished to each party to such agreements upon their signing or initialing. (Amended 1/04)
- Standard of Practice 9-1
For the protection of all parties, REALTORS® shall use reasonable care to ensure that documents pertaining to the purchase, sale, or lease of real estate are kept current through the use of written extensions or amendments. (Amended 1/93)
- Standard of Practice 9-2
When assisting or enabling a client or customer in establishing a contractual relationship (e.g., listing and representation agreements, purchase agreements, leases, etc.) electronically, REALTORS® shall make reasonable efforts to explain the nature and disclose the specific terms of the contractual relationship being established prior to it being agreed to by a contracting party. (Adopted 1/07)
Posted by: Byron King on 04/04/23 (This information is only accurate as of 04/04/23. You must contact SCR for updates and changes to this information after 04/04/23 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.