Offers

PURPOSE: This rule affirms that all offers to sell shall contain all the terms and conditions authorized by the owner. It demands that all written offers to buy must be submitted promptly to the seller. (1) Every licensee shall make certain that all of the terms and conditions authorized by the principal in a transaction are specified and included in an offer to sell or buy and shall not offer the property on any other terms. Every written offer shall contain the legal description or property address, or both, and city where the property is located, or in the absence of, a clear description unmistakably identifying the property. (2) Every licensee shall promptly tender to the seller or seller’s agent every written offer to purchase and shall promptly tender to the buyer or buyer’s agent any counteroffer made by the seller, including any back-up contracts properly identified as such, and upon procuring a proper acceptance of an offer to purchase shall promptly deliver copies of the same, signed by both buyer and seller, to each party to the transaction. A buyer or seller must be promptly advised when an offer or counteroffer has been rejected. (3) Any change to a contract shall be initialed by all buyers and sellers. Acceptance of each fully executed contract shall include the date at which final agreement was reached either by 1) specific acknowledgement of final acceptance date; or 2) date of the last signature or initial to the contract. AUTHORITY: section 339.120, RSMo Supp. 1993.* This rule originally filed as 4 CSR 250-8.100. Original rule filed Nov. 14, 1978, effective Feb. 11, 1979. Amended: Filed Sept. 7, 1984, effective Dec. 13, 1984. Amended: Filed Oct. 2, 1985, effective Dec. 26, 1985. Amended: Filed Oct. 26, 1987, effective July 1, 1988. Amended: Filed June 15, 1990, effective Dec. 31, 1990. Amended: Filed Feb. 2, 1994, effective Aug. 28, 1994. Moved to 20 CSR 2250-8.100, effective Aug. 28, 2006. *Original authority: 339.120, RSMo 1941, amended 1963, 1967, 1981, 1988, 1993.