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Rules Enforcement: Pending Listings in Wrong Status or Past COE

Summary: The Close of Escrow (COE) date must be current, managed and dependable as part of the obligations of agent and broker to a timely, accurate and cooperative MLS.

Issue: 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 a poor ecosystem where the MLS data becomes unreliable and the actual status of the listing is undependable.

Solution: Property listings past their COE date are subject to a penalty under MLS rule: 7.8 Change of Listing Information. 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. 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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