Effective May 12, 2008, The Toronto Real Estate Board has approved an amendment to a rule (known as 345) that changes the way property listings will be posted on the MLS system as it relates to availability to showings and registration of offers.
The rule now makes it mandatory that a property must be available to be viewed and offers registered the moment it hits the MLS system. Before the change, Realtors were permitted to list a property for sale with a commencement date later. This was found to be very frustrating to agents but more importantly their buyer clients. After the rule change only properties that are available immediately will be permitted to be put on the MLS system. Otherwise, they will be suspended.
Please note that this does not change the way a Realtor and the Seller may market the property. This will not change the way pre-emptive offers will be handled as well and it also does not interfere with a written request from the seller to entertain offers at a later date. Any offer may be registered but it remains the choice of the Seller if it will be viewed or not before any predetermined offer review date.
Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage
Filed under: Home Buyer tips, Toronto Market Watch | Tagged: Home Buyer tips, Home Seller tips, Toronto Market Watch
