Legal Question in Real Estate Law in California
California real estate question: Buyer makes a counter offer on a property we are selling.We accept the counter offer on the 12th of October and acceptance is received by the buyers realtor the same day. Buyer does not receive a copy of the signed acceptance from their realtor until the 14th. Does the contingency period begin with acceptance (and receipt by by buyer's realtor) of the counter offer (12th) or when the buyer receives the signed acceptance (14th)?
3 Answers from Attorneys
The realtor is the buyer's agent so when the realtor is notified the buyer is also deemed notified. Remember that the first full day of the period normally would not occur until the day after the day on which the realtor gets your acceptance. If the buyer disagrees, point out that under the terms of the contract the buyer has with the agent and the general practices of the real estate industry, you are not allowed to communicate directly with the buyer so must go through the agent, over whom you have no control. So you could accept the offer 1/1 and the agent goes on vacation and does not tell the buyer until he comes back 2/1; clearly it would not be fair to say the buyer does not have notice until 2/1. The buyer can sue his realtor for the mistake.
[not proof read]
Mr. Shers is right. Real estate or otherwise, the law of agency is that delivery to an authorized agent of any notice or thing is delivery to the principal.
As Mr. Shers & Mr. McCormick have indicated, the Realtor is the buyer's agent, so when he/she is notified, the buyers are deemed notified.
BARRY BESSER
www.besserlaw.com
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