This week, we’re sharing tips from CREB^® Member Practice on reporting of conditional and unconditional sales.

Reporting conditional sales with no special clause condition

Reminder: Listings that are conditionally sold must be reported on the MLS^® System as "Pending." Listing agents are responsible for updating their listings within two business days to reflect the actual status of the property.

Showings on pending listings are required by default. If your seller decides not to accommodate showings after accepting an offer with conditions, the seller can provide you with written instructions to decline showings.

Reporting conditional sales with a special clause condition

Reminder: With Seller’s written instructions, listings that are conditionally sold that are subject to a sale of buyer’s property clause may be left as Active. 

If a seller provides written instruction to keep the listing active, the listing agent MUST:

• Disclose the Special Clause Sale in the Private Remarks of the listing;
• Disclose the Seller’s Notice period from term 1.6 of the Sale Buyer’s Property Schedule (e.g., 24 hours) in the Private Remarks of the listing; and
• These disclosures must be added to the Private remarks within two (2) business days of the seller accepting the conditional offer.

Please note, Conditional Sales subject to Sale of Buyer’s Property are sometimes referred to as Special Clause Sales. Special Clause Sales remaining in Active Status are subject to showing requirements under CREB^® Rule Part III 2.03(b).

Examples of Private Remarks disclosures that meet the rule exception requirements:

• Special Clause - 48 hours
• Subject to Sale of Buyer’s Property - 24 hours
• 12-hour special clause in place
• Conditional to buyer’s home selling - 24 hour clause

Examples of Private Remarks disclosures that do NOT meet the rule exception requirements:

• Special clause
• Subject to sale of buyer’s property
• Conditional to buyer’s house selling

As a reminder:

Conditional sales must be reported as pending within 2 business days of accepting an offer, regardless of whether the deposit has been received.

Reporting Unconditional Sales

Reminder: When an unconditional offer is accepted, the listing must be reported as sold within two business days of accepting the offer, regardless of whether the deposit has been received. Unconditional sales should not be reported as pending while awaiting the deposit, as that would be a violation of CREB^® Rule Part III 6.01

CREB^® Rule Part III 6.01 - An important part of the inherent value of the Board's MLS® System is the transaction data accumulated for the sale of MLS^® Listings.

a. Therefore, it is the responsibility of all Board Members, regardless of their business model, to report to the Board all unconditional sales, including the selling price, by Brokerloading to the Board's MLS^® System or in writing within two (2) Business Days of when conditions, if any, are removed.

b. The above Rules apply to an expired listing subsequently sold under the Listing Contract hold-over clause.