|
|
 |
 |
| |
|
|
|
|
| |
News Archives
| Now Available In Transit - New “Exclusive Right to Sell Listing Agreement” With VOW and Short Sale Content |
|
|
|
| 6/10/2009 |
|
|
|
The Exclusive Right to Sell Listing Agreement has been updated to include new mandatory language about virtual office websites (“VOWs”) resulting from a settlement agreement between the National Association of REALTORS and the U.S. Justice Department. (A VOW is on-line real estate brokerage.) The two most important changes are in paragraph 23 and are highlighted in orange below. Other changes were made to update the listing agreement to keep it to two pages.
- Former paragraph 10 “Deposit Disputes” was eliminated because it repeated language that already exists in the RIAR purchase and sales agreements
- Paragraph 16 “Seller’s Responsibility”(a), formerly paragraph 18, was revised to state that the seller must disclose “known, deficient” conditions.
- Former paragraph 16 “Exterior Photos” was combined with “Additional Images” to create a new paragraph 22 “Images”. The seller will need to decide whether to allow an exterior photo of the property and interior photos and/or virtual tours of the property to appear on riliving.com, MLS, and other brokers’ web sites.
- New paragraph 23 “Internet Display and Print Advertising” – this adds some new choices to the existing options or sellers. The changes that are highlighted in green are required by the U.S. Justice Department.
The seller will need to decide whether to allow:
- Information about his/her property to appear on the Internet, including web sites like riliving.com, MLS, the listing broker’s web site, and other brokers’ web sites.
- The address of Seller’s property to appear on the Internet, including web sites like riliving.com, MLS, and other brokers’ web sites.
- An automated value estimate (computer-generated pricing estimate) of the seller’s property to be created and posted on other broker’s web sites.
- Members of the public to post comments, such as feedback from a showing, about a seller’s property on other broker’s web sites.
- Paragraph 24 “Short Sale” was added so that listing brokers can ask the seller whether a property requires short sale approval and whether the listing broker may disclose this information in MLS, on his/her web site, and in other types of marketing. If the property does require short sale approval, there is a new, optional Short Sale Addendum to Exclusive Right to Sell Listing Agreement on Transit that can be used to protect the listing broker and seller by explaining the tax and financial consequences of a short sale.
Questions? Please contact MLS Customer Service at 401-941-5360 or the MLS Legal Department at 401-785-3650 ext. 5.
|
|
|
|
|
| back |
|
|
|
| |
|
|
|
Code of Ethics | Privacy Policy | Terms of Use | Contact MLS
