GMAR has recently identified over 500 Active listings that are missing required documents on a listing. Listings that are missing these docs will receive a reminder from the GMAR support team to add the required information to the listing. Please take a moment to learn more about the GMAR MLS rules for Documents.
The Rule:
Section 1.18 (Listing Format Rules) states in part:
All property disclosures required by law must be attached to the listing in the MLS. Other attachments to a listing placed in the MLS system shall be directly related to that property and/or transaction. Attachments not related to the property or transaction are not permitted.
GMAR policy requires that all required documents are attached to a listing within 48 hours of the listing being submitted to the MLS. The documents required for Residential and Multi-family listings are:
Seller's Disclosure Statement – For Residential and Multi-Family listings that are not NEW, PROPOSED/UNDER Construction.
Lead Based Paint Disclosure – For Residential and Multi-Family homes that are built prior to 1978. For Multi-Family it is less than 4 units dwellings.
What to expect if you don’t add the required documents to a listing?
GMAR monitors listings that need to have the required documents added and will typically send out a Compliance Data Alert to the listing agent and Broker asking to add the required documents within 48 hours. The listing would then be issued a fine to the broker if not corrected.
What are the penalties for not adding the required documents?
The agent and broker are notified with a 2 day grace period to add the required documents. If the documents are not added then GMAR would begin issuing a $25.00 fine per day until the documents are added.
Why are the documents needed?
The Seller’s Disclosure and Lead Based Paint docs on a listing are for the buyer’s agent to complete their purchase offer with they buyer. Having these documents on the listing makes it easier for the buyer’s agent to fill out their offer without having to wait for the listing agent to send to them.
If you have additional questions about the GMAR Document requirement or other MLS rules and policies please contact us at support@gmaronline.com.