Practice Tip: Sales must be reported within 5 calendar days

It has come to Dennis Wilson’s attention that some members are not reporting their sales to the Board so he thought it was time for a reminder.

According to the Rules of Cooperation, “An important part of the inherent value of the MLS® is the transaction data accumulated for sales of listed properties. It is the responsibility of all Members to ensure, regardless of their business model, that property sales information for properties listed on the MLS® be reported to the Board. In general, sales shall be reported to the MLS® by the Listing Brokerage… within five (5) calendar days of the contract becoming unconditional.”

An MLS® is only valuable if the data is accurate and up-to-date, please do your part.

This Practice Tip was provided by Dennis Wilson, Manager, Professional Standards, FVREB.