Practice Tip: Sellers can and do change their minds about when they will accept offers

According to Rules of Cooperation 4.02 Presentation of Offers, “…offers must be presented to the seller, without delay, through the Listing Brokerage” unless otherwise instructed by the seller in writing. This could mean that at the time of listing, sellers agree that they will only accept offers on a certain date and then change their minds.

I’d like to remind all members that the seller has the right to change their mind and accept offers at any time. As a seller’s agent, you need to follow their legal instructions. As a buyer’s agent, you need to know that this is a possibility and advise your clients that even though there is a specified date, the seller may change their mind. Some listing agents will have included a statement in the listing clarifying that “the seller reserves the right to accept an offer prior to a certain date.” It is my view that this statement is a good reminder to buyer’s agents to notify their clients of the possibility.

Please note: The Real Estate Board of Greater Vancouver no longer accepts listings with the statement, “the seller reserves the right to accept an offer prior to a certain date.” The Fraser Valley Board continues to accept these listings on the MLS®.

This Practice Tip was provided by Dennis Wilson, Manager, Professional Standards, FVREB.