We’re republishing a post from February 20, 2019 – a timely message and reminder about your obligations to report status changes within 2 business days…
When your sellers sign a Purchase and Sale, you have 2 business days to update the status in MLS – Please be aware that if your seller wishes you to continue to market and show the property, you are able to keep the listing as active, with a contingency “U/A show” status update. If you are not continuing to show, change the status to pending. We’ve had several calls about this issue this week and frustrates buyers and their agents. Please help raise the bar so we can collectively work as informed, prepared professionals.
Below are the MLS policies about status updates. Further, as a Realtor you’ve agreed to abide by Article 12 of the Code of Ethics, which states that “REALTORS shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing and other representations”. Having an property appearing as active online when it is currently under agreement is problematic – and does not present a true picture to the public.
Status Changes / Property Availability: All status changes regarding the availability of the property must be entered into the MLS database within two (2) business days of change: an executed Purchase and Sale Agreement (including earnest money, if required); the transfer of deed; or contract cancellation. Changes to the status of an Exclusive Right to Sell contract do not require the signature of the seller. (Pending, Back on Market, or Sold)
- Active, with Contingency: This status should be used when a property is under contract but the REALTOR® will continue to show the property because contingencies have not been met or if there is a right of first refusal.
- Pending Status: This status should be used when a property is under contract and the REALTOR® will not continue to show the property, regardless of the status of Purchase and Sale contingencies.
- Right of First Refusal: If an owner has granted a Right of First Refusal, the REALTOR can mark it Active, with a Contingency, or can disclose that status as the first line in the Realtor-to-Realtor remarks field. Both are acceptable. It should be noted that a contingency flag will appear on syndication sites.
- Sold Status: Within two (2) business days of deed transfer, the listing agent shall report the buyer’s name, date sold, sale price (as recorded on the deed), selling agent, selling office, concessions (as different from the price on the deed) and type of financing. The system will automatically calculate the days on market, once entry is complete.