Wait a Minute, We Had a Deal!
By Wendy Alkire | Deputy Director, Director of Compliance
In today’s fast paced world, verbal offers are becoming more and more common. Buyers want to get their offer to the seller before someone else makes a deal. The Commission receives many complaints regarding verbal offers accepted by a seller but something stopped the transaction from moving forward.
In some cases, the seller receives an offer from a different buyer prior to signing a written purchase agreement and decides to accept the other offer. In other cases, the buyer’s agent types up the contract and the buyers want to change or add terms the seller did not consider. Regardless of why the transaction does not move forward, a verbal offer can lead to upset buyers and sellers.
The license law requires ALL offers to be presented. This includes verbal offers, written offers, offers sent by text or email, etc. The license act further requires the exact agreement of the buyer and seller to be in writing. A discrepancy between the verbal agreement and the terms within the written agreement can cause issues between the parties.
The Commission does not have the authority to determine the enforceability of a verbal offer accepted by the seller. If a complaint is received, the Commission will review the verbal offer processes to make sure the licensee worked in the best interest of their client and used reasonable skill and care in the offer process. Buyers and sellers should be prepared for the issues that can come from a verbal offer and any questions on enforceability should be referred to an attorney. See K.A.R. 86-3-23 for additional details.
I Received an Order, When is my Fine Due?
By Stacey Serra | Administrative Director
A summary proceeding order can impose restrictions or conditions on a licensee, assess fines, and revoke or suspend a license. A summary proceeding order does not take effect until after a period of time allowing you to request a hearing on the decision of the Commission.
Summary proceeding orders are required to have a notice regarding the amount of time you have to request a hearing and how to submit that request. This section of the order is titled “Right to Request Relief.” The section titled “Order” lays out any sanctions imposed and when those sanctions take effect. The number of days starts when the time to request a hearing expires.
Useful Resources for Kansas Consumers and Licensees
Home and Renters Insurance Guide. The Kansas Insurance Department publishes a useful guide for consumers, the Home and Renters Shoppers Guide, to provide an overview of basic coverages available and tips on buying homeowners insurance.
Kansas Radon Program. The Kansas Radon Program at Kansas State University makes available several resources to assist buyers and sellers with radon detection and mitigation. A Quick Fact Sheet, training, and list of certified technicians are just a few of the useful items available at kansasradonprogram.org.
2021 Kansas Housing Markets Forecast. Each year, the Center for Real Estate at Wichita State University produces the Kansas Housing Markets Forecast Series. This resource is available to anyone with an interest in the field of real estate. A forecast is available for the Kansas City, Lawrence, Manhattan, Topeka, and Wichita areas. County Housing Market Outlooks are also available for many of the smaller markets across Kansas.
Disciplinary Actions
Revocations, suspensions, and aggregate fines greater than $500 issued 05/20/21 – 06/24/21.
| Docket Number |
Last
Name |
First
Name |
License Number |
Violation |
Legal Action |
Effective Date |
|
21-9676
|
Adams
|
Linda
|
221591
|
BRRETA
|
Suspension
|
06/21/21
|
|
21-9684
|
Burns
|
Donald
|
228947
|
Audit
|
Fine
|
06/21/21
|
|
21-9654
|
Regnier
|
Robert
|
35316
|
Audit
|
Fine
|
06/21/21
|
|
