Navigating the real estate market often involves dealing with unique situations, such as securing a listing without a defined on-market date. In California, there are specific guidelines and forms that can help you manage this scenario effectively. Here's how to go about it.
The Listing Agreement Must Have Dates
In California, a Listing Agreement is required to have both a start and end date to be valid and enforceable. If you're unsure about the on-market date, it's advisable to set a longer listing period to give yourself and the seller more flexibility.
Real-World Example:
Sarah, a real estate agent, secured a listing but the seller was unsure about the on-market date due to pending renovations. Sarah set a longer listing period to accommodate this, ensuring the agreement remained valid.
Utilizing the SELM Form
To maintain flexibility with the on-market date, you can accompany the Listing Agreement with a Seller Instructions to Exclude Listing from the MLS (SELM) form. This form allows you to keep the property off the MLS until you're ready to market it.
Real-World Example:
John, another agent, used the SELM form to exclude his new listing from the MLS until the seller completed some minor repairs, thereby optimizing the property's appeal.
Prohibition Against Modification and Indemnification
It's crucial to adhere to the MLS rules and guidelines, as outlined in your Listing Agreement and SELM form. Any deviation, intentional or otherwise, could lead to legal repercussions.
Real-World Example:
Emily, an experienced agent, meticulously followed all MLS rules, ensuring that she updated her listings every three days as required, thereby avoiding any potential legal issues.
Securing a listing without a defined on-market date can be challenging but is manageable with the right approach. By setting a longer listing period and utilizing the SELM form, you can navigate this situation effectively. Always remember to adhere strictly to MLS rules and guidelines to avoid any complications.
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