Code of Ethics-Duties to Clients and Customers
Posted in REALTORS Code of Ethics by Karen Rhodes on November 1st, 2006 Standard of Practice 1-8
REALTORS®, acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. REALTORS®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated. (Adopted 1/93, Amended 1/99)
This one means after a buyer client is under contract on a home we are under no obligation to continue to show them more homes. Sounds like this one would never be needed but if you can believe it, some people want to keep looking at homes even after they have contracted on one. Just in case… Nope, I don’t do it. If the first one falls apart then we start looking again but not until then.
And if a contract falls apart for whatever reason the buyer should consult an attorney if there are questions involved as to whether or not the contract is actually terminated. This might happen if the buyer or seller wants to terminate but the other doesn’t and refuses to sign a release. Even if the party who wants to terminate has just cause the other may refuse to sign. This doesn’t happen very often. At least I haven’t been involved in any cases.
