To improve searchability for listings that are conditionally sold with a time clause condition, listing agents can now use the “time clause” feature to indicate the listing has a time clause offer.
Reminder: A time clause means a specific type of condition that allows one party (i.e., the seller) to notify another party (i.e., the buyer) that they’ve accepted another purchase agreement so the second party (i.e., the buyer) must waive within a certain number of hours after receiving notice from the first party (i.e., the seller) or the contract will end. Sometimes REALTORS® refer to these as special clauses conditions.
Updating the listing
Members who are listed as a seller’s agent on the MLS® Listing can update the listing information to reflect the time clause.
- Find the listing that needs to be updated.
- On the left-hand side, in the validation summary, there’s a new category called time clause; click on this. This is what the input screens should look like:
3. Change the time clause to “yes” and input the number of hours the time clause is for (e.g., if term 1.6 on the Sale of Buyer’s Property Schedule is 24 hours, then enter “24” in the time clause (hours) field).
Please note that active listings with a time clause must still be shown as per CREB® Rule Part III 2.03(b).
Offer with a time clause, but don’t want showings?
If your sellers have accepted an offer with a time clause but want a more flexible showing schedule during the condition period, listing agents can mark the listing as pending, as usual. To indicate a time clause on the offer, with the seller's written permission, the listing agent can use private remarks to share that information.
How to search for active listings with a time clause
On the search screen, members can use the “time clause yes/no” field with “yes,” selected from the drop-down field:
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