GPRMLS Rule Update: Contract Pending
Rule 1.17 (II)(B)(1-4)
On December 9th, two (2) Yes/No fields were added to the MLS: “Contract Pending” and “Home Sale Contingency”. With the addition of the “Contract Pending” and “Home Sale Contingency” Yes/No fields, there have been subsequent adjustments to the GPRMLS Contract Pending Rules.

The updated procedure outlined in the GPRMLS Rules now only requires maintaining the listing and appropriately marking the correct field as “Yes”. Selecting “Yes” in the appropriate “Contract Pending” or “Home Sale Contingency” field will automatically append the remarks with the appropriate, required verbiage.

It is no longer necessary to manually type the words “Contract Pending” or “Subject to Existing Home Sale Contingency” as the first words in the corresponding Agent or Public Remarks field. Manually adding these words to the remarks will result in duplication once the “Contract Pending” or “Home Sale Contingency” fields are marked “Yes”.

These new fields also track the date the listing went into a contract pending state. The fields can be found directly under the "Expiration Date" field in the Listing Input and Maintenance screen.

The updated Contract Pending Rule verbiage can be found below.
Contract-Pending Listings:

1.  Pursuant to Rule 2.5, when a seller accepts an offer to purchase, the property’s Active status must be changed to Pending within 2 days, unless specified in subsections 2. through 4. below.

2.  If a seller instructs that the listing maintain its active status in an effort to attract backup offers, “Yes” must be selected in the field for “Contract Pending” to effectively add the words “Contract Pending” as the first words in Public Remarks by the end of the next day of the earlier contract acceptance, and the listing may maintain Active status.

3.  If the seller has accepted an offer to purchase which includes a provision that the contract may be terminated by the seller unilaterally and immediately by acceptance of a subsequent offer, the listing may maintain Active status without checking “Yes” in the field for “Contract Pending” in the MLS.

4.  When a seller accepts an offer to purchase which is contingent upon the sale or closing of another property owned by the buyer, and the seller must give the first buyer the opportunity to remove the home sale contingency prior to the acceptance of a subsequent offer, selecting “Yes” in the “Contract Pending” field may be replaced by selecting “Yes” in the “Home Sale Contingency” field to effectively add the words “Subject to Existing Home Sale Contingency” as the first words in Agent Remarks, and the listing may maintain its Active status