All real estate licensees (residential and commercial)…
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.
https://www.screaltors.org/wp-content/uploads/Forms/314.pdf
LLR is on record that this applies to a seller allowing an offer to time expire too.
(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.
(7) If a licensee wishes to purchase real estate listed with his brokerage firm, the broker-in-charge shall ensure that the licensee shall first make his true position clearly known in writing to all parties involved. Upon request of the commission, the broker-in-charge shall provide evidence of the licensee having made this disclosure, including:
(a) purchases made directly or indirectly by the licensee;
(b) purchases made for the licensee’s own account or for a corporation or another business in which the licensee holds an interest or purchases made for a close relative; and
(c) real estate for which the licensee has been approached by the seller or prospective buyer to act as agent.
(8) In order for a real estate brokerage firm to claim a fee for the sale of a listed property to an associated licensee, a separate written agreement signed by the seller client must acknowledge the purchaser as a licensee affiliated with the real estate brokerage firm and recognize the right of the seller to not pay the brokerage fee.
Posted by: Byron King on 12/08/20 (This information is only accurate as of 12/08/20. You must contact SCR for updates and changes to this information after 12/08/20 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)