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Dear Anne: More questions about pending sale status

By Anne Cockayne
 

July 17, 2017 – In the July 3 edition of Florida Realtors Legal News, the article, "MLS listings must be 'pending' if under contract – right?" got your attention and, based on reader feedback, I want to briefly revisit the subject by sharing two of the inquiries:

Question: When changing the listing status in the MLS, could a listing under contract that has not yet met contingencies be put into a "Contingency" status instead of a "Pending" status? – J.H.

Answer: Once a contract is signed by both sides of the agreement, it becomes a pending sale.However, check with your MLS and see if it created a "Pending" category specifically for any listings under contract with contingencies. – Anne

Question: Once a buyer and seller agree to terms and are waiting for final initials or signatures, we move the listing to "Temporarily off the Market" (or "Withdrawn" depending on MLS). We regard that as a parking space between "Active" and "Pending," which is okay, right? – T.S.

Answer: The status "Temporarily off the Market" (or Withdrawn depending on MLS)" is not intended as a "parking space." Check with your MLS to see if they allow this kind of usage for that status. – Anne

Have an ethics or rules question? Email us at legalnews@floridarealtors.org with "Dear Anne" in the subject line.

Anne Cockayne is Director of Policy Services for Florida Realtors

© 2017 Florida Realtors

 

Related Topics: Florida Realtors Legal News