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What to do with an offer on an outdated form

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04/16/2014 | Author: Editorial Staff

I received an offer on one of my listings, but it was drafted on an outdated form. Should I present the offer to the seller or require the buyer's broker to resubmit the offer on a current form first? 

First, present the offer to your seller and tell him that it’s on an outdated form that may not reflect recent changes to the law. If your seller intends to counter the offer, instruct him to draft the counter offer on a current form. Next, inform the other broker that the form was outdated and that the other broker is obligated to use a current form.

If your seller wants to accept the offer on the older form and not move the sale to a current form, urge him to seek the advice of counsel before doing so.

Read more common forms questions on the Legal FAQs page

Categories: Legal
Tags: legal, legal faq, forms, contracts

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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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