We’re pleased to announce that all 10 Alberta real estate boards and associations have approved new provincial rules for the reporting of pending sales.
These rules, supported by the Real Estate Council of Alberta (RECA), enhance transparency for REALTORS® and consumers seeking the status of MLS® listings, and promote more timely disclosure of MLS® System data for our members.
The new rules coming into effect Jan. 3, 2022, are as follows:
- 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 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 to decline showing requests (this is risk mitigation for the brokerage).
How do the rule changes affect my current listings?
These rule changes affect listings that become subject to a conditional/pending offer on or after Jan. 3, 2022. You are not obligated to make changes to the MLS® System Status of your current listings (understanding you may have conditional sale disclosure instructions from your client prior to Jan. 3).
To help members adapt to these new rules, a 90-day grace period will be provided. Educational advisories will be provided for rule infractions instead of monetary fines, though listings may be removed from the MLS® System at the board’s discretion for repeat non-compliance. Full enforcement of the rules becomes effective for all Alberta members April 1, 2022.
What other changes can I expect?
- Sellers cannot opt out of reporting their conditionally sold listings as pending, so no written disclosure instruction is needed. The Conditional Sale Disclosure Instruction form will be retired.
- Sellers are not required to show their properties while they are in pending status. As a provincial best practice and to reduce risk for the brokerage, the seller’s instruction to decline showing requests should be obtained in writing. The Alberta Real Estate Association (AREA) has provided a template form that can be used to obtain the seller’s instruction to decline showing requests should a brokerage choose to adopt it. They may also implement their own policies for obtaining written instruction from the seller.
- The disclosure terms in AREA’s Seller Representation Agreements are being revised to provide additional clarity for the client that conditional/pending sales will be reported in the MLS® System. As a best practice, it is advised to discuss with your seller, at the time of listing, that their property will be reported pending when a conditional offer is accepted. The price and terms of the conditional offer are not disclosed on the MLS® System.
The revised form is be available on WEBForms, NexOne, DealSimple and AREA’s website.
- Pending listings that are subject to a “Sale of Buyer’s Property” condition can be reported as such in the MLS® System and will be included in searches for active listings. Members 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).
AREA is working with Pillar 9™ to implement these changes in the MLS® System and will provide members with more details regarding changes to pending reporting processes shortly.
The complete rule changes, including redline changes to the MLS® System Listing and Practice Rules for Alberta REALTORS®, are available on AREA’s website.
For questions about these rule changes, please contact CREB® Member Practice at crebmp@creb.ca.
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