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Compliance Corner #15
January 13, 2020
Has this happened to you?
You find the perfect property for your buyer and, even better, the listing is showing as Active in Matrix. Your buyers are excited to go see the property, but when you try to schedule an appointment in ShowingTime, you get declined because the property is now under Deposit.
This frustration could be avoided if everyone follows the rules. Per Section 5.14 of the SmartMLS Rules & Regulations:
Requirement to Report Accepted Offers. The Listing Broker/Agent must report to the Service all listings on which a buyer and seller have arrived at a meeting of the minds which has been documented by a binder, offer to purchase, sales agreement, contract of sale, or any document signed by both buyer and seller. Any such listing shall be reported as appropriate as either “Continue to Show”, “Deposit”, or identify the listing as “Active” and Hubbard “Yes”. Within the Deadline for Filing after all necessary signatures of buyer and seller or his/her/their authorized agent have been obtained.
Things to remember:
- Active - An active listing is one that is on the market and available for showings. All listings must be available to be shown within 48 hours of being activated in Matrix.
- Temp Off Market - Temporarily unavailable to be shown but expected to be active in the near future.
- Show - Means that either (i) have executed and delivered a purchase and sale agreement or, if earlier, (ii) have executed and delivered a written bilateral offer to purchase, and, in either case, contingencies remain and the Seller requests that the Listed Property remain on market for backup offers.
The Show and Deposit statuses are not determined by a deposit check from the Buyer. Show and Deposit are based on an executed contract signed by the Seller and Buyer. Statuses must be changed within 48 hours of execution.
Out of courtesy to your fellow agents (and their clients), please be sure to update your listing(s) accordingly and in a timely fashion. Failure to report a status change will result in a compliance violation and subsequent fines.
Compliance Corner Archive!
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As always, please feel free to contact the Compliance Team for additional information.
Compliance questions?
Send an email to Compliance@SmartMLS.com or call us at 203-750-6000.
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