Common use of NOTIFICATION UPON MUTUAL ACCEPTANCE OF OFFER Clause in Contracts

NOTIFICATION UPON MUTUAL ACCEPTANCE OF OFFER. To protect Seller from commission disputes/arbitration, compliance with MLS rules is mandatory. Within 24 hours of mutual acceptance of a purchase and sale agreement, Seller must send MLS4OWNERS your Purchase and Sale Agreement. MLS4OWNERS will report to MLS members the date of mutual acceptance, the name of the buyer’s broker, and the status of contingencies (the mutually accepted price does not become visible to brokers until after the sale closes). Seller shall also notify MLS4OWNERS within one day when sales contingencies are satisfied or waived, as well as the date and final sales price when the sale closes. If failure to notify MLS4OWNERS of status changes results in MLS4OWNERS being fined by a multiple listing service, and/or disciplined by DOL, that amount will be charged to the Seller.