Expiration Date
Posted by PRO Tue, 13 Jun 2006 18:53:00 GMT
The date the listing expires.
Enter it in this format: MM/DD/YYYY. The year can be entered as two digits (06) or as four digits (2006). The listing expires at midnight on the expiration date and moves from an active or contract status to an expired listing. The Subscriber can change this date to a future date up to the date the listing expires. Once the listing expires, only the MLS staff can change this field. The MLS automatically generates an e-mail notification to the listing agent ten days prior to the expiration date.
Note
The Seller must authorize the extension of the expiration date in writing prior to extending the date in the system.
Best Practice
All extensions must be authorized in writing. This can be accomplished in several ways.
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If an extension clause is contained in the listing contract, explain to the Seller at the time the listing contract is signed that there is a clause in the contract that permits automatic extension until closing if a contract to purchase is signed. This clause does not authorize the listing agent to extend the listing for any other purpose.
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If there is no extension clause in the listing contract, the Seller must authorize an extension in writing on a case-by-case basis.