Avoiding MLS Fines: Non-Reported Closings (Solds)
There is a warning prior to receiving a fine for this violation. MLS Policy requires that the listing’s status be changed to “Closed” within 72 hours.
Listings are required to be marked Closed on MLS:
Sold date is Thursday = Listing must be closed on Monday Sold date is Friday = Listing must be closed on Monday Sold date is Saturday = Listing must be closed on Tuesday Sold date is Sunday = Listing must be closed on Wednesday Sold date is Monday = Listing must be closed on Thursday Sold date is Tuesday = Listing must be closed on Friday Sold date is Wednesday = Listing must be closed on Monday
Actual full text of the policy:
1.02.04 – Non-Reported Closing (Solds)
Fine with Warning
Warning, $100, $200, $500
All sales closed must be entered within 72 hours from the actual closing/funding date except if the 72-hour deadline falls on weekends and federal holidays whereby the closing information is to be entered the following business day except HUD listings that are to be updated within 72 hours of either (1) Asset Manager’s notice of closing or (2) the county auditor or Realist published sale information for the property.