In eMemo #4285, we announced upcoming enhancements to Paragon® listings, set for late May or early June. Three new sale statuses will provide clarity to members and to our buyers and sellers, pinpointing the transaction stage of each listing.
The New “Active Under Contract” Status
This new status value accurately describes where this listing is at in its lifecycle. “Active Under Contract” means there is a conditional deal on the listing.
In this case, the status value will need to be changed from “Active” to “Active Under Contract” since it is still an active listing. No other values, including the sale price, will need to be entered until after subjects have been removed, and the contract has been received by the MLS® Department at the Board office.
Using “Active Under Contract” is optional, not mandatory. Some sellers might want to change the status to “Active Under Contract”, while other sellers may wish to leave the status as “Active”. You can use either value according to the seller’s wishes. We remind members to speak to their Managing Broker regarding how their Brokerage documents the seller’s direction in their records.
In order for members to change the status of their listings, they must have “Agent Modify” access. If you do not have it, please complete the Agent Modify Access Authorization form on FVREB Connect and submit it to the Board’s Membership Department at membership@fvreb.bc.ca for processing.
Note: The sole responsibility for transitioning a listing between “Active” and “Active Under Contract” lies with the member or Broker Load brokerage. Board staff will not be making these changes.
Pending is the New Sold Status
The new “Pending” status indicates subjects have been removed or an unconditional offer has been accepted. The listing brokerage will send the contract to the Board’s MLS® Department once there is an unconditional deal on the property. After the listing status has changed to “Pending”, the sold price will appear on Paragon® and Paragon® Collaboration Centre.
Closed Indicates the Transaction is Complete
Upon completion, the status will be marked as “Closed,” denoting the exchange of title and funds. Sales Fee invoices are payable on the listing’s completion date. Conveyancers must contact sales@fvreb.bc.ca of any changes to the completion date.