Suncoast MLS Rules & Regulations

Section 5.17: Reporting Listings Under Contract to the MLS

Posted by PRO Mon, 20 Mar 2006 13:28:00 GMT

The listing Participant must report active with contract and pending sales contracts to the MLS immediately.

There shall be a $500 fine for failure to report a status change within two business days after the written acceptance of an offer.

Sales shall be reported in one of the following ways:

• Active with Contract (Code AC) Active with Contract means there is a contract on the property with a contingency; however, the MLS Participating Office will continue to market the property. If the Seller specifically requests in writing that the property on which there is a contract stay "active" in the MLS database, the listing will be changed to the AC status. An Active with Contract listing will be treated as an "Active" listing for export purposes, for example, Realtor.com and IDX websites.
  
  
  • Note: MLS Staff may request paperwork to verify the Seller’s request.
    
    
  • At least one contingency must be indicated when this status is chosen, and when the contingency is satisfied, the status must be changed to Pending Sale within twenty-four hours (one business day). One or more of the following contingencies must be selected:
    
    
    • Kick-out Clause
      
      
    • 1st Right of Refusal
      
      
    • Financing
      
      
    • Miscellaneous
      
      
    • Back-ups Requested
      
      
    • Pending 3rd Party Approval
      
      
    • Inspections
      
      
  • Pending Sale (Code PS) Pending Sale means there is a contract on the property and the MLS Participating Office will not market the property. One or more of the following contingencies must be selected:
    
    
    • Kick-out Clause
      
      
    • 1st Right of Refusal
      
      
    • Financing
      
      
    • Miscellaneous
      
      
    • Back-ups Requested
      
      
    • Pending 3rd Party Approval
      
      
    • Inspections
      
      
    • No contingency
      
      

Note: In a possible short sale circumstance, where Bank or Lender Approval is required, the Contract to purchase must be reported to the MLS, in one of the two ways as stated above. In instances where all parties to the contract to purchase agree to continue to market the property, the status in the MLS must be Active w/ Contract. There are no exceptions to this rule. If a sales contract is not signed by the seller, it will remain in active status in the MLS. Listing brokers must disclose this information in the Realtor remarks:  "Contracts will be submitted directly to third parties without seller’s signature."

There will be a $500.00 fine for each occurrence of the following violation:

Failure to report a status change for an active with contract or a pending sale within two business days after the written acceptance of an offer.

The following violations are subject to the Progressive Fine and Rules Schedule as stated in Section 10.1:

Failure to report status changes (other than active with contract or pending) within two business days after the written acceptance of an offer. price change, listing status change, contract category, closed sale, withdrawal