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So a friend who's a HGAR / HGMLS member forwarded me this, which he got as a notification from them. Apparently it's required to disclose the existence of accepted offers, to any buyers' agents? I had no idea this was an actual requirement, and HGAR is claiming that it's also part of license law. See below. Would love insight into this, as I've never heard about REBNY requiring listing agents to disclose accepted offers:
Notice regarding disclosure of Accepted Offers:
Standard of Practice 3-6
Realtors® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.
(Adopted 5/86, Amended 1/04)
-2019 Realtor Code of Ethics
This disclosure is also part of your license law duty in order to ensure a fair and transparent real estate marketplace.
The method of delivery (listing, email, text, phone call, etc.) is up to the individual listing agent. However, the existence of an “A/O” must be disclosed in some form to cooperating agents.
We advise as a best practice that you state in the HGMLS listing remarks if the property in fact has an Accepted Offer, even if that offer has unresolved contingencies, per the Code of Ethics.
Also you can indicate whether or not to Continue to Show or No More Showings. This will help lessen the frustrations being felt during this current market.
Notice regarding disclosure of Accepted Offers:
Standard of Practice 3-6
Realtors® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.
(Adopted 5/86, Amended 1/04)
-2019 Realtor Code of Ethics
This disclosure is also part of your license law duty in order to ensure a fair and transparent real estate marketplace.
The method of delivery (listing, email, text, phone call, etc.) is up to the individual listing agent. However, the existence of an “A/O” must be disclosed in some form to cooperating agents.
We advise as a best practice that you state in the HGMLS listing remarks if the property in fact has an Accepted Offer, even if that offer has unresolved contingencies, per the Code of Ethics.
Also you can indicate whether or not to Continue to Show or No More Showings. This will help lessen the frustrations being felt during this current market.