When an agent guarantees a seller that he will buy their home if it doesn't sell, what must be included?

The requirement for written details explaining the guarantee is crucial in real estate transactions, particularly in the context of agency relationships. When an agent provides a guarantee to a seller that they will purchase the home if it does not sell, this promise constitutes a significant commitment. Real estate transactions are heavily regulated and typically require formal documentation to protect both parties involved.

Having these written details ensures clarity regarding the terms and conditions of the guarantee. It specifies what the agent's obligations are, the timeline for the guarantee, and any contingencies that may apply. This written documentation serves as a legal record and can prevent disputes over what was promised.

A verbal assurance without details lacks the necessary legal enforceability and can lead to misunderstandings or disagreements. A simple written agreement might not sufficiently detail the terms of the guarantee, leaving too much open to interpretation. Not requiring any documentation would risk ambiguity and could lead to significant complications for both the agent and the seller. Therefore, comprehensive written details are essential to establish a clear, enforceable agreement that protects the interests of both parties in the real estate transaction.