This is an On-Market status with no contingencies. Listings in an Active status will automatically expire on the listings’ expiration date.
This is an On-Market status, with contingencies. Listings in a Notice to Remove Contingency status will automatically expire on the listings’ expiration date.
A deal in which there is a very large contingency (usually for the sale and closing of the buyer's property) and the seller and buyer have agreed that the seller can continue to actively market the property and look at additional offers. And, if the seller gets another offer, the original buyer will be given notice and will have an agreed-upon time, usually a few days or hours (48 to 72 hours typically) in which to either withdraw their contingency and continue on with the transaction (usually has to prove that he/she is capable of closing without the contingency) OR withdraw from the transaction - in which case the new offer becomes the primary offer.
As a buyer's agent, the Notice to Remove Contingency creates the opportunity for your client to force the initial buyer out and get the property.
For instance, it might be a buyer with a small down-payment, making the appraisal more sensitive. As a buyer's agent, you’ll still take a look at the listing thinking there is some possibility the current deal might fall apart, and your client could get to the primary position.
A stronger-looking deal than a Backups Wanted deal. For instance, large down-payment, very high credit score, very good condition property. As a buyer's agent, when you see a Backups OK status, there is much less of a chance that the deal is going to fall through and your buyer client might not get to the primary position. This is a Pending status.
The listing is under contract. This is a Pending status.
NOTE ON CONTINGENT AND UNDER CONTRACT STATUSES:
The “Contract Date” is the date all required signatures have been obtained. The “Proposed Closing Date” is the date the property is scheduled to close; if this date changes you must update your listing prior to the proposed closing date to avoid penalty.
This is an Off-Market status. Listings automatically expire on the expiration date unless prior to that date the listing Brokerage extends or renews the listing agreement. If the listing agent receives the signed extension from the seller after the listing has expired, the MLS office can extend the listing in the MLS if:
- The listing agent provides a copy of the amendment to the listing agreement showing the new expiration date
- The extension was authorized in writing by the seller PRIOR to the listing expiring in the MLS
NOTE: A listing will never expire while it is in a pending status. However, given the 3-weekday rule for status changes, if a listing expires in the MLS before an agent changes the status of the listing to a pending status, MLS staff can extend the listing in the MLS if:
- The listing agent provides a copy of the Buy-Sell by 5 pm on the third
- The Buy-Sell was authorized in writing by the seller PRIOR to the listing expiring in the MLS. (Amended 1/20)
Listings filed with the BSC MLS shall have a definite and final expiration date, as negotiated between the listing Broker and the seller(s).
This is an Off-Market status. Listings of property may be canceled or terminated from the MLS by the listing Broker before the expiration date of the listing agreement. Listings filed with the service shall bear a definite and final termination date, as negotiated between the listing Broker and the seller.
Sellers do not have the unilateral right to require an MLS to cancel or terminate their listing without the listing Broker’s concurrence. However, when a seller(s) can provide written documentation with signatures from both the seller and the Broker that their exclusive relationship with the listing Broker has been terminated, BSC MLS staff may remove the listing at the request of the seller(s).
NOTE ON CANCELED OR TERMINATED LISTINGS:
The Cancelled/Terminated status can be used in various scenarios. If the seller(s) request to terminate their relationship with the listing Broker, the listing agreement has been terminated prior to its listing expiration date and the status should be changed to Cancelled/Terminated. Any MLS member can cancel/terminate a listing through a Broker in Charge’s account, as long as that member has been granted permission to access their account through the Broker in Charge’s “Team” settings.
Scenarios where a listing would be CANCELED include but may not be limited to:
- If the listing Broker enters a property into multiple categories to gain additional exposure, and the property sells, only one of the listings may be reported as sold. All other listings must be canceled.
- If the seller(s) request that their listing be removed from the MLS, but still wishes to retain the listing Brokers representation, the listing must be canceled.
- If the seller(s) request that their ACTIVE listing be removed from the MLS, but still wishes to keep their listing agreement active with the listing agent, the applicable Listing Exemption Authorization form must be submitted to the BCSMLS office within 3 weekdays of the date the listing is canceled on the MLS. Refer to the section on Clear Cooperation and Required vs. Non-Required listing types. If you have questions regarding the correct procedure to take in a situation like this, do not hesitate to contact the BSC MLS office for guidance.
- Canceling a PENDING listing on the MLS to avoid reporting the sold data is a violation of the BSC MLS Rules and Regulations (see Category 1 violation #9). The buyer has no say in how the reporting of a sale is handled because the listing agreement does not belong to them. If the seller(s) do not wish to have the listing reported as a sale in the MLS, they must make that decision BEFORE they accept any offer. At that point, the listing agent may cancel the ACTIVE listing without penalty.
- Failure to terminate a listing on the MLS within 3 weekdays of the seller(s) written notice to the listing Broker is a violation of the BSC MLS Rules and Regulations rule regarding the Late Reporting of Status Change.
The property is sold. This is an Off-Market status
NOTE ON SOLD LISTINGS:
The BSC MLS allows Participants to offer cooperative compensation as a percentage of the net sales price, with the net sales price defined as the gross sales price minus buyer upgrades and seller concessions. Seller concessions are defined as points paid by the seller(s) on behalf of the buyer, seller-paid buyer closing costs, cash or cash allowances not escrowed, down payment assistance, additions or alterations not considered deferred maintenance, and personal property not usual and customary to such transactions conveyed from seller to buyer having an agreed-upon monetary value.
The property is leased. This is an Off-Market status