RE/MAX CROSSROADS RULES & REGULATIONS BULLETIN:
When Must A Conditional Sale Be Reported?
a) Within 48 hours of acceptance of the offer;
b) Only upon receipt of deposit;
c) Within 2 TREB Business days following the acceptance of an offer; or
d) After the Seller has provided written direction to report the conditional sale.
The correct answer is “c”. According to TREB Rule, R-610: the sale, lease or sub-lease must be reported whether conditional or firm within 2 TREB business days following the acceptance of an Offer.
Frequently, agents wait to receive the deposit before they report a conditional sale. This misunderstanding of the Rules leads to frustration by fellow REALTORS® and their clients trying to view the property, and is a costly mistake when the Rule breach is brought to TREB’s attention.
With this in mind, please report your conditional sale, lease or sub-lease to our in-house deal secretary within the above-noted timeframe. You can conveniently fax / email / drop it off in person at the office.
For a complete reading of the TREB MLS® Rules and Policies, please click here.