Did you know CREB^® has a process for managing collapsed sales on the MLS^® System? When a deal collapses, members are required to report the collapsed sale to the board. 

Reporting collapsed sales is vital for maintaining database integrity and staying compliant with the rules.

When a collapsed sale is reported to the board, we remove the sale price from the property history and either reactivate the listing or set it to expired status. The days on market (DOM/CDOM) do not accumulate while the listing is in sold status. Therefore, if a listing is reported sold with 20 days on the market, it will reactivate with 20 days on the market, even if the listing date was 30 days in the past.

As a reminder, you need a new listing contract to activate a new MLS^® listing, and the original listing contract must expire or terminate. Listings activated without proper paperwork risk being deleted from the MLS^® System.

CREB^® Rule Part III 6.03 Collapsed Sales States:

When an unconditional sale of an MLS^® Listing has fallen through and the agreement of purchase and sale has been cancelled, notice shall be immediately provided in writing to the Board by the listing brokerage.  

Below is a DOM/CDOM timeline if a sale were to collapse

 

If you have any questions or concerns regarding this process, please contact Member Practice at mp@creb.ca or 403-781-1336.