“Ready, willing and able” is a phrase used in real estate to refer to a prospective buyer of property who is legally capable and financially able to consummate the deal. Traditionally, the broker earns a commission upon procuring a “ready, willing and able” buyer on the listing terms, regardless of whether the seller actually goes through with the sale.
The “ready and willing” means the broker has to produce a buyer who indicates that he or she is prepared to purchase the property and is willing to enter into a purchase contract. The “able” refers to the buyer’s financial ability to comply with the terms of the contract related to the purchase price, loan approval and cash payments. |
