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Compliance Reminder: Pending Listings in Wrong Status or Past COE Date

One of the top issues on our Compliance Department’s “fineable offense” list relates to the Close of Escrow (COE) date.  Maintaining a current and dependable COE date is part of the obligation of an agent and broker to a timely, accurate and cooperative MLS.

Properties with a status listed as ‘Pending’ retain this status until the agent modifies it to some off-market conclusion. If an agent does not closely manage such a listing and update the COE date—for example, if the anticipated transaction extends—the listing will, in effect, show a status of pending with a COE date that falls in the past.

Agents interested in the progressive activity of properties in an area cannot determine from the MLS if any activity has occurred on an unmanaged Pending listing. Listings showing a COE date that has passed contribute to an inaccurate representation of the listing data within the MLS system for others to reference and/or use.

Property listings 14 days or more past their COE date are subject to a penalty under MLS rule 7.8. The correctly managed listing will publish an estimated COE date after contract acceptance. This date must be managed to remain in the future as appropriate. Once the property‘s status changes, the activity must be reflected in the listing by the end of the next business day per Section 10: Reporting Status Changes and Other Information To The MLS.

By requiring MLS listings COE date as well as all other data points to be current, managed and dependable, all interested parties to the service can rely on the MLS data to be timely, accurate and cooperative. Ultimately this best practice delivers better service to subscribers and their sellers and buyers.

For additional information please visit our Rules Section.  If you have any questions regarding these or any MLS rules please call MLSListings Compliance at 408-874-0200 option 5 or email compliance@mlslistings.com.

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