Section 4: Listing Statuses & Sale Reporting
This article covers MLS Now Rules sections 4.1 through 4.3: 4.1 Status Changes, 4.2 Listing Statuses, 4.3 Closing Information and Sale Reporting.
4.1 Status Changes
All status changes must be reported within two business days of the change, according to MLS Now's status definitions below.
Listings automatically move to the appropriate off-market status on the expiration date unless extended in writing by the seller(s) and timely updated.
Listing brokers shall report the fulfillment, renewal, or cancellation of contingencies and the cancellation of pending sales within two business days and reinstate the listing if a valid listing remains.
4.2 Listing Statuses
MLS Now listings must be designated with one of the following applicable statuses:
4.2.1 Active: Property is available for showings and offers, with showings available on the same terms for all Subscribers. All required fields are complete. Any offer deadlines or showing restrictions must be disclosed in remarks.
4.2.2 Under Contract: An offer has been accepted. If there are contingencies, indicate "contingencies" and "show"/"no show" per field options.
4.2.3 Temporarily Off Market (TOM): Marketing and showings are suspended at the seller's direction while the listing agreement remains in effect.
4.2.4 Withdrawn: The listing agreement remains in effect but the listing is withdrawn from the MLS compilation at the seller's direction. A listing may be withdrawn before expiration with the seller's written authorization (with or without release). Sellers do not have a unilateral right to require MLS Now to cancel a listing; MLS Now may remove or cancel a listing upon documented termination or invalidity of the listing agreement. Listings that are withdrawn must obtain the Participant's written authorization to release the listing.
4.2.5 Expired: The listing agreement's termination date has passed without renewal or extension.
4.2.6 Canceled: The listing agreement has been terminated before its stated expiration.
4.2.7 Closed/Sold: The transaction has closed. Report sale price and other required closing information within the prescribed timeframe.
4.2.8 Rented/Leased: A lease has been executed for a rental listing.
4.3 Closing Information and Sale Reporting
Closing information, including sale price, must be reported within 14 calendar days of the final closing date. Where available, Participants must also report seller-paid concessions actually paid at closing in the designated concessions fields.
"Sold Before Processing" entries are permitted only if the purchase agreement was not signed/dated prior to the listing agreement being fully executed; both may be the same day. Such listings must be entered within two business days of the list date.
If the listing broker fails to report a closed sale within 14 calendar days of the final closing date, the cooperating (buyer's) broker may submit the closing to MLS Now for entry. The cooperating broker must provide sufficient documentation to verify the closing (for example, a fully executed purchase agreement and settlement statement or equivalent closing disclosure). Upon verification, MLS Now will update the status to Closed/Sold, attribute the listing side to the listing broker of record and the selling side to the cooperating broker, and may issue a citation to the listing broker for failure to timely report. Post-closing entry by a cooperating broker does not alter brokerage relationships or create any entitlement to compensation beyond the parties' agreements.
If there is no Participant representing the seller, the buyer's broker may enter a "comp listing" after closing.