A few questions came in as the 11/15/18 SCR314/SCR312 webinar was wrapping up so here are the answers:
Does SCR314 apply to commercial deals?
Yes. Commercial brokers send SCR314 offer rejection for to buyers when the seller rejects the commercial buyer’s offer without a counter offer or acceptance of offer.
What is the counter offer form number?
SCR507 seller counter offer to buyer. SCR506 buyer to seller.
Why both SCR314 and SCR312?
Listing brokerage should always use the government form SCR314 when the seller rejects a buyer’s offer without counter offer or acceptance of offer.
SCR312 is used with a SCR314 when the seller rejects the buyers’ offers without counter offer or acceptance and when the seller sets up a highest and best offer deadline multiple offer negotiation strategy.
Can a brokerage add the seller signature lines to a SCR314?
LLR real estate commissioners directed SCR to remove the line from the form in the SCR libraries in a countermand to prior LLR staff permission for SCR to add the seller signature line.
Are escalator clauses a good idea?
Probably not and they must be drafted by an attorney.
There are contractual issues with a lack of a price term and issues with bona fide next highest offers and if all buyers use escalator clauses then all offer ratchet up to their ceiling anyway.
What is SCR140 Multi-Buyer form?
SCR140 puts your brokerage’s buyers on notice that they may be competing against each other for the same real estate property and the brokerage will safeguard the buyers’ confidential information as required per contract and statute.
Posted by : Byron King on 11/15/18 (This information is only accurate as of 11/15/18. You must contact SCR for updates and changes to this information after 11/15/18 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)
[category Legal FAQs]