"Intent to sell" law for commercial - Posted by John_CT

Posted by Ed Copp (OH) on January 10, 2003 at 16:07:10:

There is no contract until there is acceptance. It sounds to me that there were offers made to the seller, but none accepted. Thus no contract.

When I present an offer I attempt to get acceptance as quickly as possible, in writing. This will take precidence over all other conversations.

“Intent to sell” law for commercial - Posted by John_CT

Posted by John_CT on January 10, 2003 at 11:03:20:

Brief description:

I looked at a 6 family house on new Years day.(not on MLS) I did not have any experience with commercial loans so I did some investigation and got back to the seller about a week later with the go ahead, indicating I wanted to place a deposit on the Multi.

In the meantime a realtor (un-announced) looks at the proerty with her husband. The husband fax’s an offer 11k more than the asking price BUT the extra money is for “commissions” to his wife who is the realtor.

Now for the question…the seller says he has to properly rescind the offer (in fear of litigation from the realtor) before he can accept another bid on the property? This is way beyond my experience…can I get some explanation of this law, apparently it only applies to commercial property in the state of CT. Apparently it means that you can not accept another bid with a bid on the table???

Thanks, John