submittal notice

submittal notice

A written notice by a broker to a seller regarding the identity of a person to whom the property has been shown.This is important in order to register prospective buyers in case there is a dispute with another broker in an open listing situation and in case the listing broker is entitled to a commission if a prospect secured during the listing period buys the property within a certain time limit after expiration of the listing.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.