An offer acknowledgment and registration form in real estate provides written and signed confirmation that a seller has received an offer. The offer acknowledgement form is most commonly used by buyer’s brokers who would like verification that her or his client’s offer was actually presented to a seller.
In New York, the offer acknowledgement form is most commonly used by member agents of MLS Long Island (MLSLI), the OneKey MLS and the Staten Island Multiple Listing Service. Each entity has specific rules regarding the presentation of offers and use of the offer acknowledgement form itself.
In NYC specifically, the offer acknowledgement form is rarely utilized as its use is not actively promoted by the Real Estate Board of New York (REBNY) which is the largest broker trade group in the city.
While a seller is not legally obligated to sign an offer acknowledgement form, a listing agent may be required to sign a Sworn Declaration Statement attesting to the presentation of an offer if her or his Realtor association requires it.
Rules and procedures concerning the use of an Offer Acknowledgment Form vary by Realtor Association and each Multiple Listing Service (MLS). The rules typically require a listing agent to utilize the form at the request of a buyer’s broker and to furnish the signed form to the cooperating broker (buyer’s agent) within a certain period of time after presenting an offer to the seller.
If the seller refuses to sign the Offer Acknowledgement Form, the listing agent must either make a sworn declaration affirming that the offer has been presented or speak with a senior broker affiliated with the MLS in order to confirm presentation of the offer.
Real estate agents who are not members of a local Realtor Association with such rules are not required to use an offer acknowledgement form, although they’re free to do so.
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It depends. As a seller, there is no obligation for you to sign an Offer Acknowledgement Form regardless of whether or not your listing agent is a member of a Realtor Board which mandates its use.
If you’re a listing agent, you’re only required to use an Offer Acknowledgement Form if a buyer’s agent requests you to do so and you’re a member of a local Realtor Association which mandates its use.
Many Realtor Boards impose fines and penalties for non-compliance with Offer Acknowledgement Form rules and procedures. The Staten Island MLS, for example, levies a $2,500 fine on any listing broker who fails to provide a cooperating broker with a completed and signed offer acknowledgement form.
Another alternative to using an Offer Acknowledgement Form is to allow the cooperating broker (buyer’s agent) to be present during the presentation of her or his client’s offer to the seller.
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