RECO has issued a new Registrar’s Bulletin that outlines the steps you need to take before you receive any written direction from your client about “no offers until” and then how to deal with pre-emptive (or “bully”) offers.
The main takeaways for members:
- You must act in strict accordance with the instructions you are given by your client, so it is very important that the written direction from the seller is detailed and very clear. As well, you must make sure the seller understands the implications of holding offers.
- After giving instructions to hold offers until a particular date, your seller may change his or her mind and wish to view one or more offers. If this happens, you will require new written directions from the seller to override the previous instructions.
For what happens next, the Registrar’s instructions are very clear:
“First, you must change the notes to any listing for the property, to accurately reflect the new offer process.
“Second, you are expected to notify, in writing, anyone who has expressed an interest in the property of the change to the offer process. An expression of interest includes parties that have booked viewing appointments, have viewed the property, have informed the brokerage or the listing representative that they will be submitting an offer on the property, or have submitted an offer or an offer summary sheet on the property. In addition to traditional forms of written notice, text message and email are also acceptable.” (excerpt from Registrar’s Bulletin #2017-1, February 21, 2017)
Read the full Registrar’s Bulletin here