Section 2.5: Reporting Sales To The Service

Reporting Sales To The Service

All Participants are obligated to report status changes, including final closings of sales, on listings submitted to the Service, regardless of the level of service or type of listing agreement associated with the listing.  Reporting sales information is a condition of submitting any listing to the Service.

Final closing of sales shall be reported to the service by the listing broker within three (3) business days after they have occurred.  If negotiations were carried on under Section 2(A) or (B) hereof, the cooperating broker shall report accepted offers to the listing broker within one (1) business day after occurrence and the listing broker shall report them to the service within two (2) business days after receiving notice from the cooperating broker.

In the event Participants have co-listed a property, the primary listing agent (as defined in Section 1.16) shall report the sale to the service.

For new construction listings, a valid street address must be reported to the Service by entry into the on-line system as soon as possible and no later than the close of the sale.

 NOTE:  The listing agreement of a property entered into the Service must include a provision expressly granting the listing broker authority to advertise; to enter the listing with the Service; to provide timely notice of status changes of the listing to the Service; and to provide sales information including selling price to the Service upon transfer of title.  Since the Service desires to publish the contract date prior to transfer of title, the listing agreement should also include a provision expressly granting the listing broker the right to authorize dissemination of this information by the Service to its Participants.


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