Common use of MLS Clause in Contracts

MLS. The MLS is a database of properties for sale that real estate brokers and their agents who subscribe to the MLS can access. Properties posted on the MLS include the price and terms of property offered by the Seller for sale. Other multiple listing services may also belong to the MLS through reciprocal agreements, which exposes the Property to other real estate brokers and agents who are members of those other multiple listing services. The MLS may also provide the Property listing information to internet sites that post property MLS listings online. The MLS exposes the Property listing to real estate brokers and agents who are members of the MLS or a reciprocating multiple listing service. This Limited-Service listing will be identified in the MLS with an appropriate code so potential cooperating brokers (brokers who represent prospective buyers) are made aware that Homepie and Seller have a limited-service agreement and that Seller is not represented by Homepie. Cooperating brokers will be made aware that the Seller is responsible for representing Seller in the sale of the Property, including dealing directly with cooperating brokers in showing, receiving and responding to offers, providing information about and access to the Property, negotiating, and all other matters concerning the sale of their Property. Cooperating brokers will be made aware that the Seller is the direct contact for all matters related to the sale of the Property. Seller agrees that Homepie shall have the exclusive right to list the Property for sale on the MLS. The Property will be listed through the closest MLS of which Homepie is a member. Seller is aware that said MLS may or may not be the primary MLS for the Property’s geographic area. Many MLS organizations have data share agreements with reciprocating MLSs. Property listing data and broker compensation details may be seen by agents and brokers of reciprocating MLSs. The primary purpose of the MLS Limited-Service Listing is to gain exposure to the hundreds of websites that the listing will syndicate to, thereby allowing prospective buyers to more easily find the property for sale. If the listing is not in what may be considered the ‘local’ MLS for the geographic location, Seller is aware that buyer’s agents may not see the Property listing if only searching in their local MLS. Seller acknowledges that MLS rules allow MLS data to be made available by the MLS to additional Internet sites and MLS’s and Seller agrees to allow all listing data to be shared by the MLS to reciprocating MLSs and internet sites. Homepie does not offer the ability for Seller to exclude any Property listing data or media from any specific website or MLS. Seller is aware that the MLS restricts property marketing descriptions to features, condition, or a description of the property itself. MLSs do not allow Seller contact information, showing information, finance information, occupancy, and other information to be mentioned in the marketing description and Seller agrees to abide by MLS rules regarding such limitations. The MLS will fine Broker if changes to the listing status of the Property are not updated within 24 hours. Xxxxxx agrees to immediately notify Broker of any status change of the Property. Seller will be obligated to pay any fines and indemnify Broker, resulting from Xxxxxx's failure to notify Broker of a status change, or Seller’s misrepresentation of Property information.

MLS. The MLS is a database of properties for sale that real estate brokers and their agents who subscribe to the MLS can access. Properties posted on the MLS include the price and terms of property offered by the Seller for sale. Other multiple listing services may also belong to the MLS through reciprocal agreements, which exposes the Property to other real estate brokers and agents who are members of those other multiple listing services. The MLS may also provide the Property listing information to internet sites that post property MLS listings online. The MLS exposes the Property listing to real estate brokers and agents who are members of the MLS or a reciprocating multiple listing service. This Limited-Service listing will be identified in the MLS with an appropriate code so potential cooperating brokers (brokers who represent prospective buyers) are made aware that Homepie and Seller have a limited-service agreement and that Seller is not represented by Homepie, with the exception of Sellers who have chosen to have Homepie represent them as their Broker in a capacity which is also limited, but includes a wider scope of service. If applicable to the chosen package, Cooperating brokers will be made aware that the Seller is responsible for representing Seller in the sale of the Property, including dealing directly with cooperating brokers in showing, receiving and responding to offers, providing information about and access to the Property, negotiating, and all other matters concerning the sale of their Property. Also, if applicable to the chosen package, Cooperating brokers will be made aware that the Seller is the direct contact for all matters related to the sale of the Property. Seller agrees that Homepie shall have the exclusive right to list the Property for sale on the MLS. The Property will be listed through the closest MLS of which Homepie is a member. Seller is aware that said MLS may or may not be the primary MLS for the Property’s geographic area. Many MLS organizations have data share agreements with reciprocating MLSs. Property listing data and broker compensation details may be seen by agents and brokers of reciprocating MLSs. The primary purpose of the MLS Limited-Service Listing is to gain exposure to the hundreds of websites that the listing will syndicate to, thereby allowing prospective buyers to more easily find the property Property for sale. If the listing is not in what may be considered the ‘local’ MLS for the geographic location, Seller is aware that buyer’s agents may not see the Property listing if only searching in their local MLS. Seller acknowledges that MLS rules allow MLS data to be made available by the MLS to additional Internet sites and MLS’s and Seller agrees to allow all listing data to be shared by the MLS to reciprocating MLSs and internet sites. Homepie does not offer the ability for Seller to exclude any Property listing data or media from any specific website or MLS. Seller is aware that the MLS restricts property marketing descriptions to features, condition, or a description of the property itself. MLSs do not allow Seller contact information, showing information, finance information, occupancy, and other information to be mentioned in the marketing description and Seller agrees to abide by MLS rules regarding such limitations. The MLS will fine Broker if changes to the listing status of the Property are not updated within 24 hours. Xxxxxx agrees to immediately notify Broker of any status change of the Property. Seller will be obligated to pay any fines and indemnify Broker, resulting from Xxxxxx's failure to notify Broker of a status change, or Seller’s misrepresentation of Property information.