2022 cooperating brokers who are REALTORS® must provide to the listing broker, as soon as practical, written affirmation that the counter-offer has been presented has been submitted to the buyers/tenants (or written notification that the buyers/tenants have waived the obligation to have the counter-offer presented).
Revised Standard of Practice 1-8 of the Code of Ethics Practice requires cooperating brokers to provide to a listing broker, as soon as practical, written affirmation stating the counter-offer has been submitted to the buyers/tenants, or written notification that the buyers/tenants have waived the obligation to have the counter-offer presented.
Written affirmation can be sent electronically.
LLR’s current form is from the seller side to the buyer side.
LLR does not currently have a form from the buyer side to the seller side.
Arguably, SC license law already requires this buyer side to seller side. Although, the SCREC has interpreted the statute that it only applies from seller side to buyer side. A counter-offer is legally an offer that can be accepted, countered, or allowed to expire. Normally, an offering party can rescind their offer until the power to rescind no longer exists (e.g., the offer has been accepted, if the offer is countered then can reject instead of rescinding).
(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.
Posted by: Byron King on 12/13/21 (This information is only accurate as of 12/13/21. You must contact SCR for updates and changes to this information after 12/13/21 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.