CAR has released a revised standard form Residential Listing Agreement (Form RLA) that includes a disclosure regarding the benefits of marketing properties through the Multiple Listing Service (MLS). Existing listing agreements are still valid contracts, but CAR strongly recommends that, for new listings, you use the newly revised forms which became available in zipForm® accounts the week of July 29th. The Residential Listing Agreement as well as CAR’s other standard form listing agreements will have a new MLS disclosure box on page 2 for the seller and listing agent to acknowledge by placing their initials. The disclosure explains to the seller the benefits of marketing a property through the MLS. It also warns the seller that excluding a property from the MLS may result in a lower number of offers received and lower sales price. The disclosure also informs the seller that the listing broker must present all offers to the seller, unless otherwise instructed in writing by the seller.
Click here to view sample copies of the forms to be released. In addition to the revised listing agreements, C.A.R. will release a new standard form Seller Instruction to Exclude Listing From the Multiple Listing Service (Form SELM), as well as a Seller Instruction to Exclude Listing From the Internet (Form SELI). These two new forms will replace the existing Form SEL for excluding a property from the MLS or Internet.