by Baldev S. Gill, Chief Executive Officer
On March 1, 2020, the Rules of Cooperation were updated. One of the key changes was a revision to Rule 3.26 to require that all members post a copy of the Title Search to the Associated Documents on Paragon® within 24 hours of a listing becoming active on the MLS® system.
3.26 Title Searches
In order to confirm registered ownership of the property, except where the title search is provided by the Board, the Member must conduct a basic title search prior to, or at the time of taking a listing. A search must be conducted on all listings of property for sale submitted to the MLS® System except business-without-land listings, manufactured home listings and except where title to land consists of shares of a co-operative or time share.
Unless otherwise instructed by the seller in writing, a copy of the basic title search must be posted by the Member to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System. A copy of the seller’s written direction must be provided to the Board upon request. – see also 3.12 Consent to Post Documents to the MLS® System.
A search of the residential MLS® in November 2020 revealed that 17 per cent of FVREB-area listings were not compliant with Rule 3.26 Title Searches. This is despite several reminders from the Board, automated emails being sent to members about missing Title Searches which started on September 1, 2020, and Touchbase messages from Board staff to members reminding them to post their Title Search.
Why is this important?
All members need timely access to key listing information to guide and advise their clients.
New FVREB fines coming to encourage members to post Title Searches
Effective May 1, 2021, Listing Agents will be charged new FVREB fines for any FVREB-area listings that are non-compliant with Rule 3.26 Title Searches. If a Title Search is not posted through the Associated Documents within three days after a listing is entered, a $50 fine will be assessed, with additional $50 fines applied every seven days, until the listing is compliant with the Rule.
Beginning on February 1, the “Listing Title Search Missing” automated emails will include information about the upcoming fines. It is our hope that members will use the period leading up to May 1 when the fines take effect, to get into the habit of adding the Title Search immediately upon their listing becoming active on Paragon®.
Click here for a how-to guide on “Adding Documents in Paragon®” found on REALTOR Link®.