When To Use Conditional Sale & Sold

When to use Conditional Sale or Sold

PEIREA Rules & Regulations:
13.SELLING AND REPORTING OF SALES PROCEDURE

All offers shall contain an Agency Disclosure Statement.

Conditional Sale -An offer has been accepted and is contingent on fulfilling certain criteria within the Agreement of Purchase and Sale and any Schedules thereto. The listing is still on market. This status is used to indicate that the Seller is looking for additional backup offers, or that the property is subject to conditions prior to it being a firm and binding agreement. Listings with accepted offers shall be reported to the MLS® or inputted to the MLS® database by the listing broker as “Conditional,” within 2 business days.

Sold –An offer has been accepted and conditions have been removed and the transaction is expected to close. Conditions do not include the requirement of a title search which is a legal process to ensure the proper transfer of title in a real estate transaction. These listings show a Close date. The Seller is not accepting additional offers and the property is not on the market. The purchase agreement has been fulfilled or the lease agreement has been executed. Firm sales shall be reported to the MLS® within 2 business days.

The Listing Brokerage must make arrangements to present all offers as soon as possible or give the cooperating broker a satisfactory reason for not doing so. In the event a Listing Brokerage will not be participating in the presentation of offers, the Listing Brokerage shall clearly indicate this fact in the listing information published by the service.

Upon the removal of conditions that form a firm and binding agreement of purchase and sale, the listing broker shall report or input the listing in the MLS® System as “sold” including the sale price.

The MLS® System will release the sale price to the Membership on the date following the date set for closing. 

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