Compliance Corner- Paperwork, paperwork, paperwork!

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Please note: this article is a snapshot of a message that was posted on the MLS system at some point within the last year.  Things evolve rapidly in our industry, and the information in this article may have changed since it was first published. Compliance Corner articles are not updated after they are published, even if the information contained within has changed.

For the most up-to-date information on this (or any other topic), please visit our SmartDesk.

 

Compliance Corner #16

January 27, 2020

Paperwork, paperwork, paperwork!

As much as we all hate it, paperwork is a crucial part of the real estate business. Listing Agreements, offers, disclosures, contracts... it’s enough to make your head spin. While we cannot promise to make your life any more paperless, the following tips and reminders should help make this sometimes daunting clerical task a little easier on all of us.

 

  • By now we all know that the Listing Agreement (LA) or Listing Agreement Compliance Certification (LACC) must be uploaded to every listing entered into Matrix within 24 hours of that listing being loaded. All listings require this, regardless of the property type. Even though some property types (Commercial for Sale/Lease and Business for Sale) are voluntary, once you make the decision to enter the listing into Matrix, ALL rules apply, including uploading the LA or LACC.

  • Don’t panic - not all paperwork* must be uploaded to your listings. You are only required to upload the Listing Agreement, Listing Agreement Compliance Certification, Delayed Entry Form, Coming Soon Addendum and Withhold from MLS documents. *You do not have to upload Status Change Forms, Binders, P & S Agreements, etc. That being said, there may be times where SMARTMLS asks you for one of these documents for review. In those instances, you are required, per SmartMLS Rules and Regulations, to provide said documentation (via email or fax).

  • Disclosures - SMARTMLS does not require (nor do we police) any forms other than those mentioned above. However, we do provide you the ability to upload disclosures and other documents as Public Supplements on your listings in Matrix. You are free to upload any documentation about the property you feel will be beneficial to buyer’s agents and their clients.

  • Last, but most importantly- all contractual or status changes MUST be in writing and in hand before being made in Matrix. This includes, but is not limited to: expiration date extensions, price changes, adjustments to Buyer’s Agent Compensation, etc. You should never make a change in the system without the backup documentation. Emails are acceptable if your listing contract has electronic signature verbiage in it. Verbal permission or requests are never OK.

 

 

 


Compliance Corner Archive!  

Have you ever wanted to revisit a past Compliance Corner article that is no longer available in Matrix?  Now you can.  Simply click this link Compliance-Corner-Archive or enter compliance corner in the SMARTDESK search bar and you will be able to view all past articles.

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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