As of January 3rd, 2022, the Alberta MLS® System rules will be reverting back to the way it was sometime pre-2014, prior to in individual Alberta real estate boards merging the MLS System rules. MLS® Systems are owned by REALTOR Members.
Here are the changes:
- Listings in pending status on the MLS® System will continue to be marketed to REALTOR.ca and third-party websites. This is back in line with term 4.2 of the Seller Representation Agreement that property listings will continue to be marketed until sold.
- 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 listing as pending.
- Sellers get to choose if they show their properties while they are in pending status. If a seller does not want to show their property, they should provide written instruction to the brokerage through their REALTOR® to decline showing requests.
- Pending listings that are subject to a “Sale of Buyer’s Property” condition are to be reported as such in the MLS® System and will be included in searches for active listings by agents. REALTORS® will be alerted on the MLS® System that these listings are pending due to a “Sale of Buyer’s Property” condition (viewable by members but not by consumers viewing properties on REALTOR.ca and other third-party websites).
While not all Alberta REALTORS® voted in support of returning to this way of doing business, the majority or those that did vote did so in order to help minimize the frustrations we, and our buyer clients, felt as a result of finding out a home they were interested in and marketed as Active in our MLS® System was, in fact, already subject to a conditional sale. In busy markets, some but not all, buyers do not view homes that are already subject to a condtional sale hoping to find an available home before it is snatched up by another buyer.
Overall, this is a WIN-WIN-WIN for our local REALTORS®, Buyers and Sellers!