The CREB^® Rules have been updated to outline a recent change in required reporting of some conditionally sold properties. 

The Special Clause Sales rule was introduced on June 28 which adjusted the required reporting of some conditional sold properties as pending; accepted offers conditional to the Sale of the Buyer’s Property now have the option to leave these conditional sales as active on the MLS^® System or report them as pending.

The CREB^® Rules have been updated to outline this option, CREB^® Rule Part I 4.02 states:

Straight sales and confirmations shall be reported to CREB^® by the Listing Brokerage.  

a. At the time of acceptance all conditional sales must be reported as Pending on the MLS^® System with the following exception: 

i. A Special Clause Sale, which is not subject to Rule 4.02(a). 

(1) Special Clause Sales can remain in Active status provided that the Seller has provided the Listing Brokerage with written instructions to maintain the listing as Active on the MLS^® System. This supersedes CREB^® Rule Part III 5(a). 

(2) Disclosure of the existence of the special clause sale and the seller's notice period must be included in the private remarks on the active MLS^® listing within two (2) business days of acceptance of the conditional sale.

Don't forget to check out examples of how to make sure the MLS^® listing private remarks include the necessary information when sellers' instruct to leave a special clause sale as active.

Education focused period

Until Nov. 30, listing agents that don't disclose the Special Clause Sales and Seller notice period in the private remarks of an active listing will receive educational advisories as a reminder to align their listing comments to the rule. Members who don't have sellers' written instructions to keep Special Clause Sales active may receive educational advisories.

Please note, fine penalties will not be issued for CREB^® Rule Part I 4.02(a)(i)(1) & (2) during our education focused period.

Thank you to our members who have already reviewed the updated CREB^® Rules which are available on CREB^®Link.

For more information or questions, please contact CREB^® member practice at 403-781-1336 or crebmp@creb.ca.