New Development FAQ

If a Buyer has a reservation to purchase a new development, are we allowed to list it for sale in the MLS before escrow closes?

Please check with the Buyer to see if they have the authorization from the Developer to list the property.  If they don't have written permission and/or the Buyer is not the legal owner of the property, then the Buyer does not have the legal rights to sign a Listing Contract as the Seller, and you are not allowed to list the property in the MLS without a valid listing agreement.

When it's a new development, do I need to list the property in the MLS?

We are not enforcing the current policy.  This may change at anytime.  If you have a signed listing agreement, you are encouraged to list your listing in the MLS.  It's great exposure for your Client's property and valuable data for comps.

The purpose of the New Development field in the MLS is for disclosure.

The New Development field in the MLS must be flagged as Yes when the property is being offered for sale for the first time (aka first sale).

When it's a new development, but it's a resale, the New Development field must be disclosed as No.