The MLSOK Rules and Regulations and the Compliance Guidelines have been revised. Here is the speedy guide to the most significant changes!
Matrix change
The “backups wanted” field has been removed from the “conditions affecting sale” pull-down menu, so that it is only an option for pending properties and no longer something that can be chosen when a property is active.
Compliance Guidelines
SECTION 7: ADDITIONAL FINES
New addition:
Publicly marketing a property located within the MLS Listing Area without a valid and enforceable Exclusive Listing Agreement – $2,500.00 fine
APPENDIX B – FIELD DEFINITIONS
CONDITIONS AFFECTING SALE: This field is used to identify when/if a parcel of property is under contract for sale but there are factors associated with the property that must be satisfied prior to sale where such factors may impact the sale price, purchase requirements, or Closing. Conditions Affecting Sale include but are not limited to the following fields in the Compilation: additional fees, auction/sheriff sale, backups wanted, contingencies, corporate approval, court approval, kick out clause, leased, lender approval/short sale, none, REO/bank owned, Reserved Buyer. If not applicable, select NONE from the list.
Rules & Regulations
1.14 “Conditions Affecting Sale” means a factor or circumstance that must be satisfied prior to the sale of a property where such factors or circumstances may impact the sale price, purchase requirements or Closing. Conditions Affecting Sale include, but are not limited to, additional fees, auction/sheriff sale, backups wanted, contingencies, corporate approval, court approval, kick out clause, leased, lender approval/short sale, REO/bank owned, Reserved Buyer, property inspection, financing, or sale of the buyer’s property.
New additions:
1.15 “Contingency” means the sale of a property is conditioned upon the buyer first selling his or her property, where the buyer’s property is not currently under contract.
3.1.4 Each parcel of property listed for sale must have a separate Listing Agreement.
3.1.5 The MLS does not accept open or net listings.
3.14 Conditions Affecting Sale Applicable to Listings
Any Conditions Affecting the Sale or Contingency of a listing shall be specified and noticed to the Participants. The listing Subscriber or Participant must fully disclose the Conditions Affecting Sale or Contingency along with any associated costs and information regarding the listing’s availability for showings, in the “Realtor Remarks” fields of the MLS System as applicable and as defined in the Compliance Guidelines.
4.6 Reporting Sales to the MLS
Status changes, including Pending and final Closing of sales, shall be reported to the MLS by the listing Participant within two (2) Business Days after the change has occurred. If negotiations were carried on under Section 4.1 (a) or (b) hereof, the cooperating Participant shall report the accepted offers to the listing Participant within two (2) Business Days after occurrence and the listing Participant shall report them to the MLS within two (2) Business Days after receiving notice from the cooperating Participant by entering the required information on the sold information screen of the MLS System. All other sold MLS Listing Information without an executed Listing Agreement (for example, for sale by owner or new home construction), and listings exempted from the MLS under Section 3.11, should be entered in the MLS System as COMP01 under List Broker/ID within thirty (30) calendar days of the date of sale.
4.7 Reporting Resolution of Conditions Affecting Sale
The listing Participant shall report to the MLS within two (2) Business Days that a Condition Affecting Sale or Contingency on file with the MLS has been fulfilled or renewed, or the agreement cancelled. However, if the Condition Affecting Sale or Contingency is re-established and/or if said Condition Affecting Sale or Contingency has been extended, listing Participant must modify the listing information to include the Conditions Affecting Sale or Contingency.
4.8 Reporting Under Contract
All purchase contracts signed by both the buyer and seller shall be entered in the MLS System by the listing Participant as “Pending” within two (2) Business Days after acceptance except as provided in Section 4.6, or unless the purchase contract has a Contingency, in which case the listing shall remain as “Active” until the Contingency is satisfied.