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For Comps Only- Entering Property Sales as Comparables

Entering Property Sales as Comparables

Under MLS rules only properly and rightfully excluded (seller refuses to publish) listings may be entered for comparable purposes.

Section 10.2 of the MLS rules reads in part… “Listings that were not input into the MLS as a result of the seller’s instructions may be input into the MLS “sold” data at the listing broker’s option. If a listing is entered for comparable purposes only, then “For Comp Purposes Only” shall appear in the first line of confidential remarks.”

Since  seller’s instructions are a key element, the rule means the property/listing must qualify as below:

  1. The comparable property type must be a mandatory submission (classes 1-5)
  2. The comparable property must be properly excluded via the MLS’s process.
  3. A signed “seller’s exclusion” form must be submitted to the MLS

Appendix A of the MLS rules: Citable Infractions and Associated Penalties Citations and Fines provides a time frame and penalty for entering a comp:

2.3.7 “Comps Only” Sale Not Reported Within 30 Days (When Such Sale is Submitted at Discretion of Broker) (Sec. 10.2)

4.3.2 Failure to Include “For Comps Only” in First Line of Confidential Remarks of Listings Entered For That Purpose (Sec. 10.2, 12.5.2 a)

$100 – 1st violation etc.

Therefore only excluded mandatory submission properties (classes 1-5) are eligible for being entered as a “comp” and must be entered within 30 days of closing.

If a listing is entered as a comp after 30 days of closing the listing remains published and the offender is fined $100. If they fail to add “for comps only” the fine is an additional $100.

If you have any questions on submitting an exclusion or entering a property as a “comparable sale” please contact Compliance at 408-874-0200, option 5, or via email at compliance@mlslistings.com

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