We are hearing more reports of members who call to make appointments to see a listing, only to be told it’s been sold conditionally.
If you have a listing that has a conditional sale, it is important that you report the sale – it’s important especially in a market as fast-paced as the current one, because members need accurate, up-to-date and reliable information.
The MLS® Rules and Regulations very specifically require you to report conditional sales. Here’s what they have to say:
Section 9 – Reporting of Sales
9.01 An important part of the inherent value of the Association’s MLS® System is the transaction data
accumulated for sales of listed properties. Therefore, it is the responsibility of all Members to ensure, regardless of their business model, that property sold information for properties listed on the Association’s MLS® System, including the reporting of conditionally sold properties and sale prices, be reported to the Association. Members are not permitted to avoid these reporting responsibilities to the Association by, for example, cancellation of a Listing between receipt (or anticipated receipt) and acceptance of an Offer, or encouraging a Seller to do so. Accordingly, the Listing Brokerage will report by Broker Load all sales and conditional sales for Broker Loaded MLS® Listings effected during the Listing term and during the holdover period of an MLS® Listing, within two (2) Association business days following written acceptance of any Offer by the Seller. If the MLS® Listing is Board Loaded, the sale or conditional sale must be submitted in writing within two (2) Association business days following written acceptance of any Offer by the Seller. Power of Sale and commercial sales shall be reported not later than two (2) Association business days after closing.
9.02 In the event an unconditional sale or a conditional sale falls through, the Listing Brokerage will notify the Association in writing or by Broker Load, within two (2) Association business days. If services are to be resumed, the Listing Brokerage shall so notify the Association.
What happens if you don’t report your sale – conditional or firm?
When RAHB’s MLS® department is advised – either in writing or verbally – of a conditional or firm sale that has not been reported within two association business days, staff will investigate and either issue a warning letter or a fine as outlined in RAHB’s MLS® policies:
1st offense – warning letter
2nd offense – $100 fine
3rd offense – $250 fine
4th or subsequent – $400 fine
So do your part to ensure RAHB’s MLS® System remains a valuable, up-to-date and accurate tool for all members – report your conditional sales.