Changes to the MLS Rules and the LIST-IT software were released on May 1, 2008. The changes affect both commercial and residential listings and help identify Short Sales, Foreclosures, REO listings, and other conditions. A new definition was also added to the residential MLS Rules May 2. Active, Pending, and Contingent listings may need to be changed to adhere to the new rules. As a courtesy, recently sold listings should also be modified.

A new list was added to the MLS input form in all sales categories. Details on the new Sale Type list and corresponding changes in the MLS Rules are available here. Susan Beck will include information on these changes in her next MLS Maintenance class May 6. Members may sign up for that class here or see a complete schedule of classes here.

In addition to the rule changes needed to accommodate the Sale Type list, another rule was introduced for residential property on May 2. On the heals of a new definition for “Co-selling Agent,” a definition for “Selling Agent” was added to Appendix A. Both definitions refer to agents who receive a portion of the selling-side commission. However, in situations where the sellers themselves find the buyer, the Selling Agent definition clarifies how to enter that information in the MLS. Although the broker may or may not receive compensation from the Sellers, the Listing Agent should be entered as the Selling Agent. The phrase “sold by sellers” should be entered in the Sales Notes to help clarify the matter.