Offer presentations are an area where compliance is especially important. Brush up on the reminders below to help you stay in compliance when making an offer.
Some of the most common compliance issues that OneKey MLS participants encounter are in reference to not obtaining written instructions from owners, failure to make timely offer presentations, and failure to return the offer acknowledge/sworn declaration forms.
OneKey MLS Rule 405.4 states, the Cooperating Broker or their representative has the right to participate in the presentation to the seller or lessor of any offer they secure to purchase or lease unless instructed otherwise by the seller in writing. A copy must be made available upon request by the cooperating broker.
OneKey Rule 406.1 states, you must issue a written acknowledgment for each offer, and the Listing Broker, or anyone licensed in the Listing Broker’s office, must immediately advise the seller that an offer has been made and shall make timely arrangements for the offer(s) to be presented.
OneKey Rule 406.4 & 406.5 states, If the Cooperating Broker sends you an Offer Acknowledgment Form, have the owner sign it upon presentation of the offer (if the owner refuses or is unable to sign it, you must sign a Sworn Declaration Statement) Return the Acknowledgment or Declaration within two hours of the offer being presented (within 24 hours if the Acknowledgment Form was provided after the offer was presented).
Let’s look at an example below to review how the above rules should be applied.
Example
The Listing Broker of a property listed on OneKey MLS has received an offer from a Cooperating Broker.
Step 1: The cooperating Broker must provide the offer in writing to be presented to the seller. An offer acknowledgment form was also submitted along with the offer.
Step 2: The listing Broker or office must immediately inform the seller of the offer and make timely arrangements for the offer presentation. The offer may be presented directly to the seller unless there are written instructions stating otherwise.
Step 3: The Listing Broker or office must have the owner sign the offer acknowledgment form and return to the Cooperating Broker within 2 hours of the offer presentation. If the owner is unable or has refused to sign the offer acknowledgment form, then the Listing Broker must complete and return the sworn declaration form to the Cooperating Broker.
Both the Offer Acknowledgment form and the Sworn Declaration Statement can be found on www.Lirealtor.com under documents on demand located here.