MLS® staff have noticed a sharp increase in the number of deficient listing contracts being submitted to the Board, prompting us to share a reminder with all members.
The deficiencies are causing delays, since these contracts are NOT being processed and are being sent back to the brokerage to be dealt with. This typically means that the listing agent must return to the client for signatures and/or initials for the changes, which causes further delays and does not convey professionalism.
Watch for these things:
- Ensure that listings submitted are on the most current versions of the Multiple Listing Contract and Authority to Lease Contract which can be located on WEBForms®.
- Missing or incorrect dates on contracts (e. g. The listing could not have been signed in 1974.)
- Double-check the address with your clients before leaving your client’s property. If the house address door says 14326, then the contract should read 14326, not 14236… typo, but the contract would need to be returned for a correction, delaying the listing.
- Make sure there is a Listing Price on the listing
- There must be a PID# and complete Legal Description.
- Legal Descriptions are being copied from historical listings as far back as 1986. Use best practices, pull a title search and check the legal description.
- Double-check ALL the commission lines. Each line must be completed on the contract. Ensure that you have noted the $ or % signs.
- Designated Agent Line 7A must have the names of all agents designated by the Brokerage for that listing, not the name of the Brokerage.
- The Seller, Realtor and Manager signatures are all required on the Listing Contract.
- The Schedule A must be initialed by the Seller(s).
- Check the Realtor Remarks and Schedule A for “No Show” periods. They can only be held off for five calendar days from the Effective date of the listing. The specific date on which showings will be accommodated must be stated on the Schedule A and noted in the Realtor Remarks of the listing.
- Any direction from the Seller about a “Delay in Offers Presentation” must be in writing on the Direction Regarding Presentation of Offers (DRPO) form, which must accompany the Listing Documents. The details of the delay must be noted in the Realtor Remarks of the listing. The DRPO form is also required if your client has directed that Cooperating Brokerages are not permitted to be present during the offer presentation.
Remember:
- ALL corrections on the Listing Contract must be initialed.
- If corrections/additions are required, ensure the entire listing is resubmitted with the deficient cover sheet the MLS® department sends out. Make sure it’s the Broker-initialed copy that gets resubmitted to the Board with those corrections. (The box “Brokerage Approval” on page 5 or 7 of the Listing Contract must be signed by the Broker.)
- A final but very important request, BEFORE the listing is sent to the Board for processing or Broker load, please ensure you have conducted a Title Search. You should be conducting the search prior to, or at the time of taking the listing. The Board does not require a copy of the search to be sent with the listing documents but you should be uploading it to the Associated Documents tab on Paragon®, within 24 hours of the listing being active on the MLS®.
Though submitting a listing through REALTOR® Load (ADT) will prevent some of these deficiencies, others still require the diligence of the Listing Agent and the Broker.