Sales statuses for both residential and commercial listings on the MLS® will look completely different starting in June, adding more transparency for REALTORS®, and their clients looking to buy or sell a property.

The new status structure will include three new statuses:

• Active Under Contract – This optional status will be used when a listing has an accepted offer with subjects on it. If your brokerage has permitted use of this status, and you have the Agent Modify ability, you can change to this status on your own. Note – you’ll also need the seller’s permission to use this status. This can be added to the schedule A.
• Pending – Replacing the current “Sold” status, this status will be applied to listings that have an accepted subject-free offer, or once all subjects are removed.
• Closed – Listings will automatically move to this status at the end of their completion date.

With these new statuses, listings will look a little different in both Paragon and on real estate listings sites like Realtor.ca and Realtylink.org.

The new sales status tree will look like this:

1. Active
2. Active Under Contract
3. Pending
4. Closed
5. Expired

All listings will start as “Active”, which means the listing is available.

If the seller accepts a conditional offer, the listing will then move to “Active Under Contract” if the listing Realtor’s office allows the use of this status, and the seller has provided instruction to do so.

If the seller accepts an unconditional offer, or the subjects on a conditional offer are removed, the sales status will move to the next phase.

There will no longer be a “Sold” status. Instead, “Sold” will be divided into two new statuses – “Pending” and “Closed”.

Once subjects are removed, or an offer without subjects is accepted, the status will move to “Pending.” The listing will then move to the “Closed” status on the completion date.

In most cases, this will be the end of the transaction cycle.

Sometimes sales collapse after an accepted offer.

If it collapses before the listing’s expiry date, the status will move back to “Active”.

If it’s after the expiry date, the status will move to the “Expired” status.

Making sales more transparent – new sale status, information coming to MLS®

Three new sales statuses, and more public sales information, will be coming to the MLS® soon. (1 minute read)