The Utah Association of REALTORS® recently released two new forms – the Cancellation and Termination of the Exclusive Right to Sell Listing Agreement and Agency Disclosure and the Cancelation and Termination of the Exclusive Buyer-Broker Agreement and Agency Disclosure.
With these forms comes a change in the way UtahRealEstate.com handles an offer that is being withdrawn. If you want to take a listing off of the MLS, you will now have three different statuses to work with. Notice that the “Withdrawn Unconditionally” status is gone and has been replaced by the “Canceled” status.
Here are the three statuses explained:
Withdrawn – This is to be used when you want to take the listing off of the MLS but you still have an active listing agreement with the seller that is not being cancelled.
Canceled – This status is used when the listing brokerage is terminating their listing agreement with the seller via the UAR’s new form. This is what UtahRealEstate.com calls a finalized off-market status, meaning that the listing brokerage cannot edit the listing any more.
Expired – This status kicks in when the termination date in the Listing Agreement passes. This happens automatically once that termination date occurs.
Why the change? We were seeing circumstances where brokerages were intending on canceling their agency agreements with clients by using the status change in the MLS. This never actually canceled an agency agreement. Now these two forms can be used to properly terminate an agency agreement.