Typically, your buyer’s agent will submit your purchase offer to the listing agent, and the latter will present it to the seller on your behalf. However, due to post-NAR settlement procedures, it’s not such a straightforward process anymore, because the buyer is now an unrepresented party who’s vulnerable to the consequences of implied agency, your state has certain regulations regarding buyer agency, and there’s the issue of the commission negotiation that directly influences the amount the seller will receive from the sale.
You finally discovered the home of your dreams. You’ve done all the calculations, obtained a mortgage commitment, and are now eager to act upon your decision. You know that sooner or later the question will arise — who will be submitting the offer, and what will happen with it when it leaves your hands?
What’s Actually Inside a Modern Real Estate Offer?
A purchase offer is a legally binding agreement and not an inquiry. Normally a purchase offer should consist of the purchase price, a deposit, an expected closing date, financing contingency, home inspection, an appraisal and importantly a request for seller concession to compensate the broker’s cost.
The latter component is entirely new. Before the settlement, buyer-broker commissions were published as an already negotiated ratio as part of seller fees, 5-6%. This way of operation is now obsolete. Now, the listing brokers are not permitted to advertise buyer-agent commissions on the MLS. Instead, buyers along with their agents determine the amount of commission prior to viewing houses. The determined buyer agent’s fees are then asked as a seller concession in the offer form.
Why does this matter? Since sellers are calculating their proceeds based on a new system. An offer of $500,000 which includes a buyer’s broker concession of 2.5% will yield less for the seller compared to an offer of $495,000 without a concession request.
The Step-by-Step Path From Buyer to Seller
When a buyer works with a licensed real estate agent, the delivery chain follows a clear sequence:
- Buyer and agent execute a written buyer-broker agreement establishing the agent’s compensation and representation scope — now a legal requirement in most states before any home tour or offer drafting.
- The buyer’s agent prepares the offer using state-approved forms, incorporating all terms, contingencies, and concession requests.
- The offer is transmitted digitally — most commonly via DocuSign, Dotloop, or direct email — to the listing agent.
- The listing agent presents the offer to the seller, typically within 24 hours, and in many states is legally obligated to do so promptly regardless of price.
- The seller reviews, accepts, counters, or declines within the timeframe specified in the offer.
The Implied Agency Trap — What Unrepresented Buyers Need to Know
If you’re purchasing the home without a broker, you can’t just tell the listing agent to “prepare the offer for you.” Listing agents owe their client sellers undivided duties of loyalty, disclosure, and care. If they do anything for you, it must be limited to what could be considered mere ministerial acts, such as checking off items on a form without giving any advice about price or terms.
When a listing agent does give advice to an unrepresented buyer, it’s likely to be deemed that an implied agency relationship exists between them. In an implied agency case, the conduct of the broker leads the other party to reasonably conclude that an agency relationship exists. This gives rise to the problem of dual agency without representation, which creates a dangerous liability situation for the agent.
This isn’t a theoretical risk. In McCarthy v. Tobin (1999), the Massachusetts Supreme Judicial Court ruled that a signed Offer to Purchase containing essential terms — price, property, and closing date — can constitute a binding contract even if the parties intended to execute a formal Purchase and Sale Agreement later. Once you sign a document with binding contract language, “changing your mind” isn’t an option without financial consequences.
State-by-State Rules: Not All Delivery Processes Are Equal
Real estate is governed at the state level, and the rules for how offers are drafted and delivered vary significantly.
North Carolina: A listing agent may assist an unrepresented buyer in completing a standard Offer to Purchase and Contract as a ministerial act — but cannot advise on price, dates, or concessions. A Working with Real Estate Agents (WWREA) Disclosure must be executed to document that the agent represents the seller exclusively.
Arizona: The listing agent must present the Unrepresented Buyer Disclosure (UBD) and the Real Estate Agency Disclosure and Election (READE) at first substantive contact. Many Arizona agents use a “Seller-Initiated Offer” format in which the listing agent provides blank forms and the buyer completes them independently.
Iowa: Listing agents are prohibited from drafting a purchase agreement for an unrepresented buyer unless a formal buyer agreement is in place. Unrepresented buyers must draft their own offer, engage a real estate attorney, or sign a representation agreement.
Texas: Starting January 1, 2026, Senate Bill 1968 requires written buyer representation agreements before agents can provide real estate services, including offer preparation.
California: Under AB 2992, agents must execute a buyer representation agreement before touring homes and before drafting any offer — formalizing what was previously a best practice into a legal requirement.
If you’re self-representing in any of these states, the safest path is a consultation with a real estate attorney — typically $300–$700 — to draft a legally compliant offer.
Pre-Market Offers and the Zillow Preview Effect
However, not all offers occur post MLS placement of a home. Pre-market offers have become a legitimate approach to competing. Zillow Preview and Realtor.com Preview provide listing agents an opportunity to place pre-market inventory on public display prior to MLS posting. By summer 2026, it became apparent that Zillow Preview properties were also listed on Realtor.com Preview as well.
Buyers benefit significantly from such an opportunity as the ability to locate a property that is pre-market and make a preemptive offer will reduce the level of competition and create space for negotiation beyond the usual process of a bidding war. In terms of seller’s benefits, the previews offer insights into demand in the form of views, saves, and tours that will aid in pricing decisions.
After Delivery: What Happens in the 24–72 Hour Review Window
Once your offer reaches the listing agent, time begins to run. It should contain an expiration date, usually between 24 and 72 hours after which the offer will expire if there is no response.
Sellers have three choices: they can accept the offer, make a counter-offer, or simply reject it. A counter-offer is an entirely new offer, which legally voids the existing one. If your offer contains a clause that provides for automatic escalation (an increase in your bid according to certain rules until reaching the cap, whenever there is another bona fide offer), then the listing agent must present proof of a competing offer for its implementation.
If a seller receives several offers at once, he can issue a “highest and best” call and request all bidders to come up with their best offers by the set deadline. In many cases today, “love letters” from buyers – attempts at appealing to the emotional side of the seller – are ignored since they may bring in problems related to the Fair Housing Act.
Practical Takeaways Before You Submit
- Represented buyers: Ensure your buyer-broker agreement is signed and your agent confirms receipt with the listing agent directly after submission.
- Unrepresented buyers: Know your state’s rules, understand the limits of what a listing agent can legally do for you, and consult a real estate attorney for drafting if needed.
- Sellers: Evaluate every offer on net proceeds, not just purchase price. A high offer loaded with concession requests may clear less than a lower, cleaner bid.
- Pre-market buyers: Monitor Zillow Preview and Realtor.com Preview for early inventory — and have your financing airtight before approaching a seller before a listing goes live.
The offer is the moment your intent becomes a legal document. Treat it accordingly.
Frequently Asked Questions
Who physically delivers a home purchase offer to the seller? If there is representation for the sale of the property, the buyer’s representative forwards the offer using DocuSign or email to the listing representative, who will relay it to the seller. Unrepresented offers are delivered by the buyer, either directly to the seller or to the seller’s lawyer.
Can the listing agent write an offer for an unrepresented buyer? Certainly, in certain jurisdictions; but only in an administrative capacity without furnishing any counsel regarding price, terms, or tactics. States such as Iowa do not allow this except under conditions of a formal purchase contract.
How does the NAR settlement affect the offer delivery process? Advertising for buyer-broker compensation is no longer allowed on the MLS system. Buyer brokers have to negotiate this as part of their buyer broker agreement and request for this to be considered as part of the purchase offer by the seller.
What makes an offer legally binding? An offer is made binding on both parties once the buyer and seller sign a document that includes all the fundamental elements, such as price, property details, and closing date. It was ruled in McCarthy v. Tobin (1999) that even an initial Offer to Purchase could qualify as a contract because of its binding nature, despite the absence of a purchase agreement.
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