MLS – Important Info

 MLS – Important Info

By Robin Shapiro

BE AWARE: There is at least one local broker who uses MLS as a tool to obtain a signed exclusive – WITHOUT informing the seller that upon signing the MLS agreement he/she has signed away his right to use other brokers.

MLS (Mulitple Listing Service) is a database of real estate listings for sale or rent. It is used by agents to find properties. In today’s world, there are an abundance of websites available to EVERYBODY – Zillow, Trulia, Redfin, etc. I don’t belong to MLS.

An MLS seller’s agreement is a contract between a seller and an agent to list the property on MLS. The agreement can be EXCLUSIVE or non-exclusive. An exclusive agreement means the seller agrees to work with only one agent. This agent is entitled to a commission if the property is sold during the term of the agreement, REGARDLESS of who finds the buyer. In contrast, a non-exclusive agreement allows the seller to work with multiple agents. The seller is only obligated to pay a commission to the agent who brings the buyer. There are several different MLS services around, each with slightly different rules.

The Passover holiday begins Monday night, April 22 and ends Tuesday evening, April 30.  NYC public schools are closed during this time for spring recess. Call me. Love, Robin.

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