New status-related fields are available and will be required beginning January 1, 2011. So that listings can be updated or added to the MLS correctly, please see below for an overview of the new fields and field options available starting December 22.
Seller Type is now a required field that must be completed at the time of listing entry, rather than at the time of sale.
- If you are adding a new listing for a broker, be sure the new listing input form has been completed, including Seller Type.
- If you are updating an existing listing for a broker, be sure they have selected a Seller Type on the Change Listing form.
A new required field, Status Conditions, will clearly communicate the availability of a listing for showings and offers.
- Accepting Offers must be selected for all new Active listings or when updating an existing listing.
- In the event that the seller has an accepted offer but would like to continue taking backup offers, the Status should be changed to Pending or Under Contract, and Accepting Offers would remain selected under Status Conditions.
- Offers Submitted to 3rd Party for Approval must be selected for Pending listings.
- A short sale or lender owned Under Contract listing may also select Offers Submitted to 3rd Party for Approval if accepting backup offers.
- When a Pending listing is updated to an Under Contract status, you must deselect Offers Submitted for 3rd Party Approval.
- However, if the seller and listing broker move a listing from Active to Under Contract rather than Pending, it may have Offers Submitted to 3rd Party for Approval selected as well.
- For Under Contract listings, you may not choose Accepting Offers and Not Accepting Showings. All listing accepting offers must be available for showings.
- If a listing has a kickout clause, then Kickout/First Right must be selected under Status Conditions and the Status changed to Under Contract.
Another new required field, Approval Conditions, will clearly communicate approval disclosures for the listing.
- Most listings will likely use None of the Above as the selection for Approval Conditions; this means there are no other entities that must approve an offer for a mutually executed contract.
- Select Short Sale if the listing is a short sale or may be a short sale.
- Select Court for offers that are awaiting approval from the courts.
- Select Equitable Interest for disclosure of an equitable interest in the property.
Updated MLS Rules & Regulations are now available online at www.metrolist.com for more information about the new required fields. Forms for listing input and Change Listing are available at http://www.metrolist.com/default.asp?page=forms.
New Required Fields for Status Flyer
New Status Fields Demo
For additional questions about how to correctly use these new fields, or for general questions about the MLS Rules & Regulations, contact the Metrolist® Compliance Team at (303) 850-9613, ext 2, or email@example.com.