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August 29, 2019

When Selling A Property, What’s The Difference Between An Offer And An Accepted Offer, And What’s The Broker’s Responsibility To Cooperate?

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

Buyers and Sellers have certain misconceptions when selling and buying a home. This article addresses some of them.

A seller receives an offer from a buyer to purchase the property. The seller accepts it. Does that meet the definition of an accepted offer? Not according to Anthony Gatto Esq., Director of Legal Services for the New York State Association of Realtors. In a recent NYSAR publication he stated: “It is my opinion that an “accepted offer” in New York is one where a document that can bind the parties to the sale is executed by both parties either with a ‘wet’ signature or electronically.” He goes on to quote New York’s Statute of Frauds regarding real estate transactions to support his opinion. (See New York’s General Obligations Law).

This poses the question: What is a broker’s obligation with respect to offers and accepted offers? Does a broker have to disclose to buyers and other brokers that an offer has been made on the property? Gatto wrote: “A Realtor practicing in New York is not required to disclose a verbally accepted offer unless the seller gives permission.” That permission to disclose does not impose upon the seller or the broker an obligation to disclose the terms of the offer. Gatto does differentiate between offers and accepted offers with respect to disclosure. The law in New York does require a broker to disclose to buyers and cooperating brokers the existence of accepted offers, but not the terms of the agreement between seller and buyer. A broker cannot honor a seller’s instructions not to disclose that there is an accepted offer.

Let’s exam other issues regarding sellers, brokers, and duties to cooperate with other brokers. What if the seller informs his broker not to deal with buyers’ brokers? While this attitude is not in the seller’s best interests, it also violates the New York Department of State’s instructions regarding a real estate broker’s conduct. Once again, let’s look to Gatto: ” Buyers have a right to be represented by whomever they choose, and therefore, listing agents cannot obey the request of their seller to deny access to a buyer’s agent.” What is also true, the seller does not have to agree to pay a buyer’s broker’s commission although I do not consider it to be in the best interests of the seller to refuse to do so.

Another issue that deserves clarification pertains to a seller and the seller’s broker’s obligation to respond to offers submitted by other brokers. The broker representing the seller is obligated to submit all offers to the seller. The seller is not required to respond. Gatto advised that NYSAR does have available a form – Affirmation Request: Presentation of Purchase Offer Pursuant to Standard Practice 1-7 of the National Association of Realtors that pertains to this issue.

A final point I would like to address is when should the seller and his broker stop showing the property? I think the answer is after title passes. Until then, anything can happen. Better to have back-up offers than start all over again. I would advise that a broker not do otherwise except on the advice of the seller’s attorney.

There are many scenarios that could be exceptions to situations addressed in this article. Advice of legal counsel should be sought in any given situation.

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Jimmy Buffett, 50 Cent, Madison Beer, Lukas Nelson, And More Headline At The Surf Lodge Over Labor Day Weekend

Jimmy Buffett, 50 Cent, Madison Beer, Lukas Nelson, And More Headline At The Surf Lodge Over Labor Day Weekend

  • 7 Ashwood Court, Southampton, NY 11968⁠
Saunders Exclusive: $6,200,000⁠
@vinceinthehamptons⁠
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This magnificent new construction offers a blend of modern luxury and timeless sophistication. Spanning 7,546 +/- sq. ft. on a pristine 0.92-acre lot, this two-story traditional-style residence boasts 7 bedrooms, 7 full baths, and 1 half bath.⁠
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Inside, find an open kitchen adorned with marble countertops and high-end stainless steel appliances, perfect for the culinary enthusiast. The home features a spacious entry foyer, a living room, dining room, family room, den/office, and a study. Enjoy the comfort of two primary bedrooms, each with its own freestanding soaking tub, located on the first and second floors, respectively.⁠
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  • Steeped in tradition, history, and familiarity, a refurbished Sagaponack General Store has reopened its doors. Though still on the same footprint, the renovated establishment feels larger and more spacious, with an open layout and abundant natural light that adds warmth and charm. It now shares space with the newly restored historic Post Office at 542 Sagg Main Street in Sagaponack, located between Sagaponack Road and Hedges Lane, just south of the Sagaponack Common School.⁠
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The original 1878 building was meticulously moved 15 feet back from Sagg Main Street and now features a welcoming new porch. The Post Office, located there as well, has its own handicapped-accessible entrance. While construction is complete, the Post Office has not yet reopened to the public. ⁠
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✨ Hampton Ballet Theatre School’s spring ballet!⁠
🎟️ Link in bio⁠
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🎙️ Elvis Meets Sinatra @ WHBPAC⁠
📅 Sat, May 3 | 🕗 8PM⁠
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🎟️ Link in bio⁠
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📚 Gingy’s Diaries @ Southampton Arts Center⁠
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🎟️ Link in bio⁠
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  • To launch the celebrations for its 50th edition, the Hampton Classic Horse Show has unveiled its 2025 poster, “Beneath the Painted Sky,” featuring artwork by Michael “Mickey” Paraskevas of Southampton, NY. Paraskevas has previously designed the Hampton Classic poster four times (1987, 1992, 1998 and 2008).⁠
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Celebrating 50 years of world-class equestrian competition, the Hampton Classic returns to Bridgehampton, NY, August 24-31, featuring FEI CSI5* and CSI2* show jumping and USEF Premier hunter competitions with more than $1 million in prize money.⁠
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📸: Poster Courtesy of the Hamptons Classic⁠
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🏃‍♀️ 13th Annual Katy’s Courage 5K⁠
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💖 Supporting scholarships & Katy’s Kids @ CMEE. Run with heart.⁠
📸: Courtesy of Katy’s Courage⁠
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#events #hamptons #films #yoga #restaurantweek
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