Form RF663 Multiple Offer Disclosure Notification

Understanding the Form RF663 Multiple Offer Disclosure Notification

The real estate industry can sometimes be as cryptic as it is inviting, especially for novice investors. One of the most crucial aspects to understand in any real estate transaction is the legal documentation. One such legal document is the multiple offer disclosure notification, a form that plays a significant role in promoting transparency in multiple offer situations, between buyers and sellers.

Significance of the offer disclosure notification

Transparency in real estate dealings ensures both parties are operating from an even ground. The offer disclosure notification is a form usually presented by an agent representing a seller to notify potential buyers that there are multiple offers on a property. This is not only essential for maintaining honesty but it also empowers the buyer to make an informed decision. 

Delving into the disclosure form RF663

The Disclosure form RF663 facilitates smooth communication between the involved parties in a real estate transaction. The form informs all potential purchasers that a seller isn't obligated to negotiate in chronological order of the offers received. It stipulates that a seller can accept any offer they deem fit, even if it isn't necessarily the highest bid. The form ensures everyone in the transaction knows their standing, thereby promoting fair play. 

How to Fill Out Form RF663

Here is a detailed guide on how to fill out the form RF663 template on the PDFliner:

1. Begin by identifying the Interested Buyer by entering their name in the designated blank space at the beginning of the document.
2. Enter the address of the property, including the street name, city, and ZIP code in Tennessee, into the fields provided. This specifies the property that the multiple offers concern.
3. Proceed to inform all interested purchasers of the multiple offers by either facsimile or email as per the seller’s instruction. Ensure that this notification includes a directive for the buyers or their representatives to acknowledge receipt of this form.
4. Request that all interested purchasers submit their best offer by a specified deadline, which should be filled out in the space provided on the form. The time of day for the deadline should also be specified as either AM or PM.
5. Include the Listing Licensee's contact information, specifically their name, facsimile number, and email address, where the best offers should be sent. This ensures that all offers are directed appropriately and efficiently.
6. Detail the timeline for the delivery of all offers to the seller or the seller’s authorized representative. 
7. Specify the exact time and date by which the Listing Licensee is expected to deliver the offers.
8. Outline the process after all offers have been received. This includes the seller’s review and subsequent acceptance, rejection, or countering of any offer by a specified time and date, which should also be filled in on the form.
9. Clarify that any receipt by the real estate licensee or their broker assisting a party as a client or customer will be deemed notice to that party for all purposes under this notification unless otherwise provided in writing.
10. Complete the form by having the Listing Licensee sign and acknowledge the transmission of a copy to the Interested Buyer and/or Buyer's Licensee. 
11. Fill in the details of the broker or licensee authorized by the broker, including the time and date of acknowledgment.
12. Finally, have the Interested Buyer or the Licensee working with the Interested Buyer sign and acknowledge receipt of a copy of this notification. This should include the respective dates and times for both the Interested Buyer and the Licensee, confirming their receipt and understanding of the form’s content.