Important: Changes to Provincial rules for reporting pending sales
Members from all Alberta Boards/Associations have asked for a change to the definition of pending status so that listings reported pending in the MLS®System continue to be marketed to REALTOR.ca and third-party websites. To support this change, the provincial Rules Change Management Group (CMG), undertook a review of all pending status rules so to make recommendations for a long-term provincial practice approach. This included discussions with individual REALTORS® and real estate boards, the Pending Status Business Rules survey distributed to all AREA members last spring, and ongoing engagement with RECA.
We’re pleased to announce that all 10 real estate Boards/Associations have approved new provincial rules for the reporting of pending sales. These rules are supported by RECA, who has published an information bulletin on the Real Estate Act and Board Rules on its website. The rules enhance transparency for REALTORS® and consumers seeking the status of MLS®listings and promote more timely disclosure of MLS® System data for our members.
Coming into effect January 3, 2022:
- Listings in pending status on the MLS® System will continue to be marketed to REALTOR.ca and third-party websites. When a seller accepts a conditional offer, the listing must be reported pending in the MLS® System (within two business days). Sellers cannot opt-out of reporting their conditionally sold listings as pending, so the Conditional Sale Disclosure Instruction form will be retired. Sellers get to choose if they show their properties while the listing is in pending status. If a seller does not want to show their property, they should provide written instruction to the brokerage to decline showing requests (this is risk mitigation for the brokerage).