What does the term "ready, willing, and able" mean in the context of a broker’s commission?

The term "ready, willing, and able" is a critical concept in real estate transactions, particularly regarding a broker's commission. It signifies that the buyer is not only interested in purchasing the property but is also prepared to meet the terms outlined in the contract. This means the buyer has the financial resources, capability, and intent to complete the purchase as agreed upon.

When a buyer is described as "ready," it indicates they are prepared to make an offer. "Willing" shows that the buyer is committed to proceeding with the transaction. Finally, "able" confirms that the buyer possesses the means—such as sufficient funds or financing—to successfully close the deal. This understanding is pivotal for brokers because if they can demonstrate their ability to procure a buyer who is ready, willing, and able to purchase, they are generally entitled to their commission once the sale is completed.

The other options address various aspects of a buyer's readiness, but they do not encapsulate the full breadth of the commitment that "ready, willing, and able" conveys in the context of real estate transactions. For instance, while a buyer prepared to sign a contract shows a willingness, it doesn't necessarily confirm their capability to fulfill the contract terms.