Compliance Corner #25
September 1, 2020
Back To School….Did You Know?????
PROPOSED CLOSING DATE
What is a Proposed Closing Date?
The Proposed Closing Date (PCD), which is required on every SHOW and DEPOSIT listing, is your estimate of when you think the listing will close. You will find the PCD field on the Change to Show and Change to Deposit forms on the Add/Edit tab in Matrix. The PCD must always be in the future (up to one year Our Matrix system is set up to let you know when you have a SHOW or DEPOSIT listing where the PCD is within 7 days (and requires updating). If you get a red warning in your My Listings widget (on the Matrix homepage) that reads My Deposit Listings with PCDs (within 7 days), it just means that the Proposed Closing Date (PCD) you entered when you marked the listing Show/Deposit is now within 7 days of the current date.
You just need to go to Add/Edit, select the listing and then go to the Change to Deposit (or Change to Show, if the listing is still in the Show status) form and update the PCD. IF YOU ARE UNSURE, MAKE AN EDUCATED GUESS!!! You must change it to a date in the future to avoid a fine!
ACTIVE STATUS BUT NO SHOWING APPOINTMENTS
SmartMLS has received a higher than usual number of calls about listings that are in an Active Status on the MLS, but not made available for scheduling an appointment to show the property. An Active listing must be able to be shown, either in person or virtually. Utilizing the proper status for a listings allows for clear communication to other agents, buyers, sellers and consumers. If showings are not allowed, the listing’s status must be changed to Temp or Withdrawn or DEPOSIT. The following guidelines should be used:
- Use the Temp status in Matrix to let other agents know the listing is not available for Showings, but will be back on the market in the near future. Days on Market (DOM) is not accrued during the Temp status, since the property is technically off the market. NOTE: Agent can clarify the reason for the TEMP status in the first couple of lines of Agent to Agent remarks.
- Use Withdrawn if the seller’s circumstances have changed and it is unclear if, or when, the listing will be back on the market. A Withdrawn listing has a listing agreement in place and, as such, can remain as Withdrawn until the expiration date or the property is made active again.
SHOW VS DEPOSIT
Show - Means that either (i) have executed and delivered a purchase and sale agreement or, if earlier, (ii) have executed and delivered a written bilateral offer to purchase, and, in either case, contingencies remain and the Seller requests that the Listed Property remain on market for backup offers. SHOW listings do expire upon their expiration date. A SHOW listing is available to be SHOWN in hopes of securing back up offers. If the Seller requests NO MORE SHOWINGS, the listing must then be changed to DEPOSIT!!!
Deposit - The status of a listed property when the Seller and the potential buyer of the listed property either (i) have executed and delivered a purchase and sale agreement or, if earlier, (ii) have executed and delivered a written bilateral offer to purchase, and, in either case, the Seller has not requested that the Listed Property remain marketed for back-up offers. Each DEPOSIT Listing shall be considered to be “off market”. DEPOSIT listings do not expire.
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As always, please feel free to contact the Compliance Team for additional information.
Compliance questions? Send an email to Compliance@SmartMLS.com or call us at 203-750-6000.