Do You Have to Remove a House from the MLS After You Buy It?

If you've recently purchased a home or are in the process of buying one, you may be wondering what happens to the property's listing on the Multiple Listing Service (MLS) once the sale is completed. Do you have to remove the listing from the MLS after you buy it? The short answer is: it depends.

What is the MLS?

First, let's take a step back and define what the MLS is. The MLS is a database used by real estate professionals to share information about properties that are for sale. When a property is listed on the MLS, it becomes accessible to thousands of agents and potential buyers who are searching for homes in a particular area. Listings on the MLS typically include details about the property, such as its location, size, features, and asking price.

The Role of the Listing Agreement

When a seller lists a property on the MLS, they sign a listing agreement with their real estate agent, which outlines the terms and conditions of the listing. One of the key provisions of the listing agreement is the duration of the listing, or how long the property will be listed on the MLS. This can vary depending on the agreement between the seller and the agent, but it is typically around 90 to 180 days.

Once a property is sold, the listing agreement is terminated, and the listing is typically removed from the MLS. However, there are some exceptions to this general rule.

The Role of the Sold Status

When a property is sold, it is typically marked as "sold" or "under contract" on the MLS. This indicates to other agents and potential buyers that the property is no longer available for sale. However, the listing itself may remain on the MLS for a certain period of time, depending on the rules of the local MLS.

In some cases, the MLS may require that the listing be kept active for a certain period of time after the sale, in order to provide a record of the sale and to help with statistical analysis. In other cases, the listing may be removed from the MLS immediately after the sale, at the discretion of the listing agent.

The Role of Public Records

Even if the listing is removed from the MLS, the sale of a property becomes a matter of public record. This means that information about the sale, including the sale price and the names of the buyer and seller, will be recorded in the public records of the county where the property is located.

Conclusion

So, do you have to remove a house from the MLS after you buy it? The answer is: it depends on the rules of the local MLS and the terms of the listing agreement. In general, the listing will be removed from the MLS once the property is sold and the listing agreement is terminated. However, the listing may remain on the MLS for a certain period of time, depending on the rules of the local MLS. Regardless of whether the listing remains on the MLS, the sale of a property becomes a matter of public record, and information about the sale will be available in the public records of the county where the property is located. If you have any questions or concerns about the MLS or the sale of a property, be sure to consult with a qualified real estate professional in your area.

Watch The Full Video Here