MLS Updates April 20, 2023

UPDATES TO THE BALDWIN REALTORS^® PARAGON SYSTEM

Release Date: April 20, 2023

STATUS CHANGES

Contingent on Sale (COS) status renamed Active Under Contract (AUC)

Active Under Contract – An offer has been accepted but the listing is still on market. Seller/lessor is allowing showings and soliciting offers through the MLS. 

• Listings in this status will be syndicated as active under contract and syndicators will be required to list properties as an active under contract/under contract status.
• Listings can stay in the Active Under Contract status until the seller is ready to stop showings and no longer wishes to accept offers. At that time, listings should be placed in a Pending status, which will not be syndicated.
• When users place a listing in an Active Under Contract status, they will be required to fill out a new field named “Contingency Features.” This field will have the following choices: 1. Accepting Backup Offers, 2. First Right of Refusal, 3. Contingent on Close.

Withdrawn Status Added to Paragon

Withdrawn -   The listing has been withdrawn from the market, with no intention of returning to active, but a contract still exists between the seller and the broker.

• Listings in this status indicate to another BR MLS member that the broker and the seller still have a valid listing agreement in place.
• This will aid a broker/agent in instances where the seller does not understand they are still in a binding agreement and reaches out to another broker to sell the property.
• Listings in a Withdrawn status will be changed to an Expired status once the expiration date has been reached.

New Dual/Variable Field

Section 5.3 Dual or Variable Rate Commission Arrangements

The existence of a dual or variable rate commission arrangement (i.e., one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker without assistance and a different commission if the sale/lease results through the efforts of a cooperating broker; or one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker either with or without the assistance of a cooperating broker and a different commission if the sale/lease results through the efforts of a seller/landlord) shall be disclosed by the listing broker by a key, code, or symbol as required by the MLS. The listing broker shall, in response to inquiries from potential cooperating brokers, disclose the differential that would result in either a cooperative transaction or, alternatively, in a sale/lease that results through the efforts of the seller/landlord. If the cooperating broker is a buyer/tenant representative, the buyer/tenant representative must disclose such information to their client before the client makes an offer to purchase or lease. (Amended 5/01)

• The required Dual/Variable field will have a Y/N option, and will default to No.
• The user will mark this field yes if they have a dual or variable rate commission agreement with their client.

New Status Definitions

Active                                      The listing is on market and an offer has not been accepted. Seller/lessor is allowing showings and soliciting offers through the MLS.

Active Under Contract                An offer has been accepted but the listing is still on

(Replaces Contingent on Sale)        market. Seller/lessor is allowing showings and soliciting offers through the MLS.

Active New Construction            New construction listings that have broken ground and construction is underway do not accrue days on market. Properties can stay in this status for 180 days or less. Once the listing reaches 180 days, Paragon will automatically change the status to active and days on market will reset to zero. The listing agent can manually change the listing to active if the certificate of occupancy is received within the 180-day period.

Cancelled                                 The listing contract has been terminated. Only broker and Office Administrators may change a listing to a cancelled status.

Closed                                     The purchase agreement has been fulfilled and the title transferred.

Coming Soon                                   Coming soon is an optional, off market, status wherein a listing contract has been executed. This status indicates that the seller and broker are preparing the property for sale. The seller is not soliciting offers through the MLS and the property is not available for showing. For policy reference Section 1.22.

Expired                                              The listing contract has expired.

Leased                                              The lease agreement has been executed.

Pending                                    An offer has been accepted and the listing is no longer on the market.

Temporarily off the Market         The listing was taken off market temporarily however there is still a valid listing agreement in place between the broker/agent and seller.

Withdrawn                                        The listing has been withdrawn from the market, with no intention of returning to active, but a contract still exists between the seller and broker.

Equitable Interest Listings Now Allowed in Paragon/New Field

Section 1.2.2 Equitable Interest Listings

Equitable interest listings entered into the system must be marked Equitable Interest = Yes and a disclaimer will be automatically appended at the end of both the public and agent remarks that reads:

 “This is an equitable interest listing where seller is selling only an option or assigning an interest in a contract and does not have legal title to the property.”

New Definitions Added

Contingent on Close              An addendum giving a buyer a specified amount of time to sell and settle their existing home in order to finance the new one.

Right of First Refusal             An addendum giving a party contractual right to be first in line when purchasing a property. ROFR addendum obligates a seller to contact the rights holder with the option to purchase the property before they can accept an alternate offer.

Waterfront                               Property that includes ownership of an area of land which is immediately adjacent to the water and has direct access to a natural or manmade waterway. Condominiums that have shared areas on the water are all considered waterfront.

Waterview                                Property where water can be viewed without extraordinary measures.

Three New Counties Added to the BR MLS Service Area

Washington, Clarke, and Monroe counties have been added to the Baldwin MLS Service Area. If you have a valid listing agreement in any of our eight (8) counties, it must be listed in the BR MLS within 3 business days of obtaining all signatures on the agreement.

Disclosure Regarding Surveillance Added to All Client Reports

A new disclosure regarding potential surveillance at viewed properties has been added in the footer section of all client reports:

“Assume all properties viewed have audio/visual surveillance in operation, inside and outside the property. Conversations at the property should not be presumed confidential.”

The disclosure will show at the bottom of all printed/emailed client reports from Paragon.

Withdraw or Cancellation of Listing Prior to Expiration

New wording in Section 1.5 of the BR MLS does not allow a broker/agent to withdraw a listing and enter it as new, in the same brokerage, without sitting off market for over 30 days. 

…Listings that are canceled or withdrawn prior to the listing expiration date cannot be reentered with a new MLS number with the same brokerage, unless the listing has been in an off market status for over 30 days. Properties that are re-listed within 30 days by another brokerage office will obtain a new MLS number and automatically have the DOM reset to 0. Cumulative Days on Market (CDOM) will reset after 90 days off market regardless of the office.

Fines to be Assessed Until Violation Has Been Corrected

Starting April 20, 2023, fines that can be corrected will continue to be assessed until a violation has been corrected.

Section 9.1 Violation of Rules and Regulations

After an alleged rule violation outlined in Section 7.1.1 is found, the MLS Department will send an email notice to the Listing Subscriber, with a copy to the listing Participant, stating the listing number and the nature of the violation. If the violation is not corrected by the listing Subscriber or Participant within three (3) business days following the email notice, a charge will automatically be posted on the Subscribers MLS account. Subscriber will be sent a Notice of Violation by email stating the amount of the charge. Failure to pay the fine within thirty (30) days following such notice shall result in the suspension of Subscriber’s MLS services and a $50 late fee. $25 will be added to the original late fee every 30 days the invoice is not paid. The subscriber’s MLS suspension will be without a reduction or refund in MLS fees. Subscriber's MLS services may not be reinstated until all fees/charges are paid in full. Fines will continue to be assessed until the violation has been corrected.

After an alleged rule violation outlined in Section 7.1.2, or Section 7.1.3, 7/1/4, or 7.1.5 is found, the MLS Department will send an email notice to the Listing Subscriber, with a copy to the listing Participant (unless Section 7.1.3), stating the listing number and the nature of the violation. Subscriber will be sent a Notice of Violation by email stating the amount of the charge and the Participant (Agent/Broker/Team) who is responsible for the violation. Failure to pay the fine within thirty (30) days following such notice shall result in the suspension of Subscriber’s MLS services and a $50 late fee.  $25 will be added to the original late fee every 30 days the invoice is not paid. The subscriber’s MLS suspension will be without a reduction or refund in MLS fees. Subscriber's MLS services may not be reinstated until all fees/charges are paid in full. Fines will continue to be assessed until the violation has been corrected (if able to be corrected).

BR RULES AND REGULATIONS

The Baldwin REALTORS® Rules and Regulations have been modified to reflect the recent changes that take effect April 20, 2023.

QUESTIONS?

Please reach out to the BR MLS Department at:

251-270-0328

mls@baldwinrealtors.com