There has been a lot happening on both sides of the Bay lately at the association and MLS level. This week I'll give you guys the "what to know" about the recent changes at BR and with Paragon. Next week, Annette Oden will fill us in on MAAR and FMLS/Matrix.
 
First, a few quick reminders:
- BR MLS dues have been invoiced. Payment is due (through the portal) by June 15^th to avoid late fees.

- When you are a member of an MLS, you are obligated to put any listings you take into that MLS. It is an actual contractual agreement between the MLS and your Broker, who must be a member in order for you to be.

- The MLS Input Sheets have Seller Signature lines at the bottom of the last page. The Seller is supposed to sign these. The signature is their approval/consent to publish the info on the sheet via the MLS. Without it, YOU are responsible for any incorrect information (wrongly input or if the seller is wrong). The 1 minute you save by not getting it signed via Dotloop is not worth the liability. It's easy, just do it.
 
Recent MLS transaction status changes:
Contingent on Sale status (COS) is no more! COS will remain searchable in Paragon (by other users) and available on all reports. If you have something in COS status it can remain there until it resolves.

"Active Under Contract" (AUC) is a new status. This allows a Seller to continue to market their home while under contract. The AUC status falls under the Active status in Paragon, just like the COS did. AUC status listings are still syndicated, just like COS listings were syndicated.

AUC status prompts a new required field "Contingency Features". You will have to use one of the 3 new options here: "Contingency on Close", "First Right of Refusal" or "Accepting Back up Offers". Of course, if necessary, more than one of these options can be marked, even all three.

These three options show BR members an offer has been accepted but the listing is still available for showings, and the seller is soliciting offers through the MLS. Buyers will see it as "Active".

AUC listings can stay in AUC status until the Seller is ready to stop showings and no longer wishes to entertain offers, and/or the date the purchase agreement states. At that time, the listing should be placed in Pending status.

A new updated "Contingent on Closing" addendum has been provided by BR. The COS status requires this addendum to be uploaded into the MLS. Also, AUC/COC cannot be used without the addendum.

Bellator has a good "First Right of Refusal" addendum, that can be used to address what we used to consider as COS offers.

*As a Listing Agent it would be prudent to have in writing which (if any) of these statuses the listing will be placed in (including Pending) upon acceptance of an offer to avoid unnecessary conflict with the Buyer. I can imagine Buyer's Agents being upset if they are surprised their accepted offer is moved to AUC/ Accepting Back up Offer status instead of Pending.

*This also gives us more to think about as a Buyer's Agent! It will be important to understand these changes. It may be prudent to explain to Buyers the need to specify in an offer (that does not contain a First Right of Refusal or Contingency on Close) that the listing will be placed in Pending upon acceptance of the offer. Or there's no reason the Seller can't put it in "Accepting Backup Offers" status.
 
"Withdrawn" status: a listing has been withdrawn from the market, with no intention of returning to active, but the listing agreement is still in effect. This indicates to other MLS users there is still a valid listing agreement in place. This aids us in instances where the Seller does not understand they are still in a binding agreement, and they reach out to another Broker to sell the property.

*Be aware, when you see a property in Withdrawn status, it WILL still be under contract with the Broker. Withdrawn will automatically change to Expired status once the expiration date of the listing agreement has been reached. Expired means there is no longer a written agreement in place.

*When a Seller requests their listing be removed from the market, and we agree to break the in-place listing agreement- this would fit into "Cancelled".
 
"Dual Variable" field (mandated by NAR) added: if a Broker and Seller agree the fee charged will changed if said Broker represents the Buyer also.  To change from X % amount if another agent brings the buyer, to X% if Listing Agent brings the buyer to the party. This status will be a "Yes" or "No" status, defaulted to "No". This has nothing to do with the cooperation commission arrangement (paying the other broker), only applies if there is an arrangement between the Listing Broker and Seller to adjust the fee.

*Be aware: disclosing a Dual Variable rate is required by NAR, as is the disclosure of the difference between to inquiring cooperating Brokers (Buyers Agents)! It is also required that the Buyer's Agent disclose this info to their client before making an offer!
 
There has also been some cleaning up of the wording on some definitions. Click HERE for a complete copy of Baldwin Realtors status and definition changes.
 
NEW PURCHASE AGREEMENT to be used beginning Monday, May 8^th!!
Check out BR's video about the changes to the Purchase Agreement.

BR SAMPLE LINK: Addendum - Contingent Upon Close

BR SAMPLE LINK: NEW Residential Purchase Agreement

BR LINK: Addendum - MLS Updates April 20, 2023