Business for sale or lease. The MLS is not the place to list a business for sale or lease. If the business owner owns the property and he or she wants to list the real estate for lease (or, of course, sale), that can be done. However, a business is not "real property," nor is it an interest in real property – as is a lease. Generally, it is not the lease of the property that the business owner wants to list (he could not do so even if he wanted to, unless the owner of the property were to consent). The business owner hopes to sell the business or the assets, and assign the lease to a purchaser to facilitate the sale of the business. Canopy MLS only allows real property for sale, exchange or lease to be submitted to the service.

“For sale” and “sold” signs. Canopy MLS Subscribers often ask if it is OK to post a “For Sale” sign even though the property is not currently listed. In its February 2003 Bulletin, the North Carolina Real Estate Commission (NCREC) said, “Advertising another’s property for sale or rent requires not only permission of the owner but also a written agreement outlining the services you will provide.”

Even if the property owner allows the agent to post a “For Sale” sign on the property, the owner’s permission is insufficient because there are additional requirements for an agency agreement. Additionally, Article 12 of the “Realtor® Code of Ethics” says you must present a true picture in your advertisings or representations to the public. Therefore, an agent who posts a “For Sale” sign on a property that is not currently listed for sale could be considered in violation of the “Realtor® Code of Ethics.”

No brokerage other than the listing brokerage can place a “for sale” sign on the listed property.

Only the listing brokerage can place “sold,” “under contract,” “pending,” etc., signs on the property prior to closing, unless the listing brokerage authorizes the cooperating brokerage to post such a sign.

No showings. The “Canopy MLS Rules and Regulations” and the “Realtor® Code of Ethics” say, “Realtors® shall not misrepresent the availability of access to show or inspect a listed property.” Be careful if your seller wants to list his or her home but does not want any showings for a certain period of time. If you do list the property in the Canopy MLS and prohibit showings allowed until a specified date, but your seller or you allow even one showing prior to that date, you might be accused of discrimination.

Security of property. The listing brokerage must not put combination lockbox codes or security system codes in any field of the MLS system. An infraction of this rule is a Category II violation and carries a fine.

Avoid a violation of Article 11. “The services which Realtors® provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage…”

It is the buyer agent’s responsibility to review closing statements and to make sure all documents and any necessary funds are received by the closing attorney prior to the closing. Also do not assume that if offerings from the seller are in the MLS, it is part of the sale. It is the buyer agent’s responsibility to ensure that anything the seller is offering to the buyer (bonuses, home owner’s warranties, etc.) or leaving behind (i.e. appliances, stereo equipment, pool equipment, etc.) is outlined in the offer to purchase contract.