Rules Roundup: Withholds
What Is a Withhold and Why Would I Use It?
We all know the best way to display a listing is to post it on the MLS. But what if your seller has signed a listing contract and decides it’s time to do an overhaul on the property before listing it on the MLS? For example, the seller decides a new roof is in order, or a new deck in the backyard would add style, new carpet in the basement is needed or any other improvement project a homeowner might consider.
As an agent, you just need to have the seller sign the Certification to Withhold Property Listing form from NorthstarMLS. Rules require Brokers and Agents to enter the listing into the MLS within two business days of the contract’s effective date. If you’re sending NorthstarMLS the signed withhold form, it allows you to postpone entry on the MLS until the project is completed. Then, once the listing is ready to be published, the List Date field can be populated with the date the listing is entered because the withhold form was filed with NorthstarMLS.
If you have any questions about MLS rules, please contact the NorthstarMLS Rules Department at 651-251-3210.