What type of offers should be documented as part of the real estate transaction records?

All offers, including failed offers, should be documented as part of the real estate transaction records to ensure transparency and maintain a complete record of the negotiation process. Documenting every offer provides a comprehensive view of the transaction history, which can be beneficial for future reference, audit trails, or in the event of disputes.

Furthermore, recording all offers helps agents and brokers to track market activity and understand the interests and positions of both buyers and sellers throughout the negotiation process. This practice aligns with the principles of thoroughness and professionalism in real estate transactions, where complete and accurate records are essential for maintaining the integrity of the process and ensuring compliance with industry regulations.

By documenting every offer, agents also help safeguard their clients' interests, enabling them to make informed decisions based on all available information, rather than only the successful or binding agreements.