Question

I am representing a buyer on a transaction. Our contingent offer was accepted for mutual acceptance on 10/14/2020 so we moved forward on listing the buyers property. I understand that per the Form 22B, we have 5 days to list the contingent property (which I will be the listing agent for as well). We listed the contingent property the same day as mutual acceptance, 10/14/2020. On 10/15/2020 we had an inspection done which had many issues arise. The buyers want to take their home off the market until we can work through the inspection because if it doesn't work out, they do not want to sell. My question is, since the contingent property is currently listed, can we go temporarily off market on the MLS as long as we have the property back on the market by the 5th day? Will that violate anything on the Form 22B? We do not want to waive the contingency and therefore waive all other contingencies in the contract.

Answer

The buyer's property must be listed not later than the fifth day following mutual acceptance and then it must stay listed. Until the fifth day following mutual acceptance, there is no obligation on buyer to have the property listed.

Date of Posting

10/16/2020

Legal Disclaimer

The Legal Hotline Lawyer does not represent Washington REALTORS® or its members. The advice contained herein does not constitute legal counsel. Please consult with your managing broker for best practices.

Association Name

WHATCOM COUNTY ASSOCIATION OF REALTORS® INC