Listing Participant/Subscriber shall restore a Listings active status within five (5) days of the cancellation of any pending sale, exchange or lease. Cancellation of the pending status shall mean:
(i) a written release of the purchase agreement, exchange contract or lease has been executed by all parties; or
(ii) the purchase agreement, exchange contract or lease has been terminated as permitted by the terms of such document. The Listing shall only be returned to active status if a valid Listing Agreement is still in effect.
As used in this section, “terminated” shall mean; (i) a mutual termination, executed by all parties of the purchase agreement, exchange contract or lease; (ii) a written notice of termination from one party to the other party as permitted under the terms and conditions of the purchase agreement, exchange contract or lease; or (iii) the expiration or automatic termination of the purchase agreement, exchange contract or lease as provided by an expiration date or other specified language that automatically terminates the purchase agreement, exchange contract or lease without necessity of notice by either party.
When a transaction involves a cooperating Participant the identity of that cooperating party shall be entered in the MLS Database when the Listing status is changed to pending.
Practice Note: Listing participants/Subscribers may return a listing to active status ONLY after a release has been executed by the purchaser and seller or the contract has been legally terminated and no longer in effect. Sellers have no authority to request or demand that a listing be returned to active status in the MLS. Properties subject to a valid purchase offer must remain in Pended status until one of the aforementioned actions occurs.Article 7: SHOWING AND SELLING PROCEDURES
- Section 7.1 Showings and Negotiations
- Section 7.2 Presentation of Offers
- Section 7.3 Submission of Subsequent Offers
- Section 7.4 Counter Offers
- Section 7.5 Rights of Cooperating Participant
- Section 7.6 Right of Listing Participant in Presentation of Counter-Offer
- Section 7.7 Advertising – Moved to 4.9.2
- Section 7.8 Sold/Contract Pending Signs
- Section 7.9 Distribution of Tax Record Information
- Section 7.10 Reporting Pending Sales
- Section 7.11 Repealed 8/11
- Section 7.12 First Right of Refusal
- Section 7.13 Reporting Cancellation of Pending Status
- Section 7.14 Reporting Sales to the Service
- Section 7.15 Reporting Refusal to Seller