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 #59
July 18, 2022
WHAT can be updated on a closed listing?
All closing information can be updated after a listing has been closed. That means the following:
- Closed date
- Closed price
- Concessions
- Where sellers are going
- Where buyers are from
- Financing
- Sales Agent/Sales Agent Team
WHO can report updated information on a closed listing?
Listing agent, their office manager/admin or broker can report updated information. The Sales Agent, their office manager/admin or broker can also report information to be corrected if they provide documentation to show the update needs to be made.
HOW does the sales side request that an update needs to be made?
They can provide official documentation from the transaction, e.g. Purchase & Sales Agreement, Contract, etc. and we will update the listing immediately. If the sales side calls or reports to us the change that needs to be made without documentation, we will send a notice to the listing side to get confirmation.
WHERE can this information be reported?
To our compliance team at compliance@smartmls.com
WHEN can this information be reported?
The listing side can report changes as soon as you see the information needs to be updated. The sales side can report any updates as soon as the 24-hour mandatory reporting period is over. It is important that all information is as accurate as possible as soon as possible.
WHY is this important?
Once a listing is closed it becomes a historical record and therefore must be accurate. Closed information is used for comps and CMAs, any inaccurate information throws off comparisons for everyone in the MLS.
The Compliance Team values your opinions, comments and suggestions!!!
Never hesitate to contact us at compliance@smartmls.com or 203-750-6000!
Comments
Please sign in to leave a comment.