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Contingent Offers - Right of First Refusal
Don't take houses off the market for contingent offers! Contingent offers must be disclosed if the offer accepted. Use the "Price and Price Only" Agreement addendum.
- Any accepted contingent offers must be disclosed to other agents,
- Accomplished by making the listing status "Contingent" in the MLS.
- - NAR Code of Ethics
- Don’t mark the property as Contingent in the MLS, use the "Price and Price Only Agreement" addendum available in Dotloop
If your seller accepts a buyer’s offer which is contingent on the sale of the buyer's home, you will have to change the status of the property to "Contingent" in the MLS which will pretty much end all your showings. NAR Code of Ethics, Standard of Practice 3-6 states, "Realtors shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation."
We recommend that you use the Price and Price Only Agreement form, so your seller can keep the property Active in the MLS.
The “Price and Price Only Agreement” form is in the dotloop templates section.
Click Here for .pdf Price & Price Only Agreement