Selling a property can be a hectic period with multiple rules and critical dates to follow. Use this guide below to have a successful path for a new listing with a timeline to follow to avoid any sanctions or fines.
Within 48 Hours
Listings are required to be in the MLS within 48 hours from the start date listed in the Term of Contract.
If there are any changes made to the original listing contract, including price changes, the Term of Contract needs to be updated. You must upload any pages of the listing contract that contains fillable spaces.
A seller needs to report Accepted Offers within 48 hours from the acceptance dates as either Active With Offer or Pending. If the offer has a home sale contingency with a “bump” clause, then the listing can remain Active. Once the contingency is satisfied, the listing status needs to be adjusted to reflect the correct listing status.
Within 7 Days
All listings entered as a single-family, two-family, multi-family, or condominium must have an acceptable primary photo in the system within seven days from the start of the contract. An agent can enter unlimited pictures into the system. Sellers are not allowed to have signs or wording in or on the photos.
Within 10 Days of Sold/Closed
Properties that have sold or closed must report to the service within 10 days of the closing date the closing date, sold price, terms of sale, and concessions.
Cancellation of pending sales shall be reported immediately through the FlexMLS system for reinstatement of the listing.