It takes work to list a house. The seller should pay for this work and for relist fees. If the seller is broke and can’t pay upfront, this might be in the form of a lien just as with a mechanic’s lien. Only lawyers authorized by the seller or seller’s agent should be able to see such liens.
It takes work to show a house and to write up an offer. The potential home buyer should pay for this work and also a bonus if the offer is accepted.
The seller might also arrange for bonuses for top-ups for the pending offer or for new & better offers.
Suggested state law:
The seller would have a 72-hours to back out of an accepted offer unless the seller had a lawyer and the listing agent approve the sales contract prior to signing it.
The buyer would have a 72-hours to back out of an accepted offer.
Backing out would cost the party backing out 1% of the assessed market value, unless contracted to be a lesser amount for both the buyer and seller.
If the buyer doesn’t know about homeowner’s association rules or of defects in excess of an amount specified in the sales contract, the 72-hour period would be extended to 24 hours after being informed.
If the seller doesn’t know about homeowner’s association repair demands not also demanded in the sales contract that by professional estimate are excess of 1% the assessed market value, the 72-hour period would be extended to 24 hours after being informed.
an “accepted offer” implies a signed agreement which is a contract Once the last signee sends it back to the other party or their agent and it is received, it is a valid contract.
Most people don’t push the issue if someone backs out especially if escrow hasn’t opened. Most contracts have clause that lets the seller recoup losses like escrow costs and agent fees if the buyer backs out while under contract.
Technically you could but you have to show damages. If i back out in 40 hours what would be the damages to the buyer who could still entertain other buyers, show the house, and not be out any money?
Most agents don’t charge to list, though a few do. Some agents will list for a fee and not do anything else. Depends on the agreement. I used to list for sellers agents from out of the area for $500. It takes me about 4 hours to do a listing. Most agents eat it if they don’t sell the house. Many sellers in middle and lower middle class can’t pay a large fee, they will need to take it out of the sale.
Most of what you propose can be written into a contract. The more detailed the law the less flexibility for the buyer and the seller to accommodate particular situations.,