A buyer's broker in Washington is preparing an offer for her client. The client asks the broker to include a 48-hour response deadline in the offer. The seller's broker calls the next day and says the seller needs more time and asks for an extension. What should the buyer's broker do?
Correct Answer
D) Consult with the buyer client before agreeing to any extension of the offer deadline.
Under RCW 18.86, a buyer's broker owes fiduciary-level duties to the buyer client, including the duty of loyalty and the duty to act in the client's best interest. The offer deadline is a term the buyer established, and any modification — including granting an extension — must be authorized by the buyer. The broker must consult with and obtain the buyer's consent before agreeing to extend the deadline on the buyer's behalf. The broker has no authority to unilaterally modify contract terms without client authorization.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
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