MLS update:
Property Disclosure:
Property Disclosure should be entered in the MLS within 24 hours after a new listing has been entered. This rule became active April 25th; those listings in the MLS prior to April 25th will not be subject to a fine.
LREC exemption list:
(1) Transfers ordered by a court, including but not limited to a transfer ordered by a court in the administration of an estate, a transfer pursuant to a writ of execution, a transfer by any foreclosure sale, a transfer by a trustee in bankruptcy, a transfer by eminent domain, and any transfer resulting from a decree of specific performance.
(2) Transfers to a mortgagee by a mortgagor or successor in interest who is in default.
(3) Transfers by a mortgagee who has acquired the residential real property at a sale conducted pursuant to a power of sale under a mortgage or a sale pursuant to decree of foreclosure, or who has acquired the residential property by a deed in lieu of foreclosure.
(4) Transfers by a fiduciary in the course of administration of a decedent's estate, guardianship, conservatorship, or trust.
(5) Transfers of newly constructed residential real property, which has never been occupied.
(6) Transfers from one or more co-owners solely to one or more of the remaining co-owners.
(7) Transfers pursuant to testate or intestate succession.
(8) Transfers of residential real property that will be converted by the BUYER
into a use other than residential use.
(9) Transfers of residential real property to a spouse or relative in the line of consanguinity (blood line).
(10) Transfers between spouses resulting from a judgment of divorce or a judgment of separate maintenance or from a property settlement agreement incidental to such a judgment.
(11) Transfers or exchanges to or from any governmental entity.
(12) Transfers from an entity that has acquired title or assignment of a real estate contract to a piece of residential real property to assist the prior owner in relocating, as long as the entity makes available to the BUYER a copy of the property disclosure statement, any inspection reports if any furnished to the entity by the prior owner, or both.
(13) Transfers to an inter vivos trust.
(14) Acts that, without additional consideration and without changing ownership or ownership interest, confirm, correct, modify, or supplement a deed or conveyance previously recorded.
Property Disclosure:
Property Disclosure should be entered in the MLS within 24 hours after a new listing has been entered. This rule became active April 25th; those listings in the MLS prior to April 25th will not be subject to a fine.
LREC exemption list:
(1) Transfers ordered by a court, including but not limited to a transfer ordered by a court in the administration of an estate, a transfer pursuant to a writ of execution, a transfer by any foreclosure sale, a transfer by a trustee in bankruptcy, a transfer by eminent domain, and any transfer resulting from a decree of specific performance.
(2) Transfers to a mortgagee by a mortgagor or successor in interest who is in default.
(3) Transfers by a mortgagee who has acquired the residential real property at a sale conducted pursuant to a power of sale under a mortgage or a sale pursuant to decree of foreclosure, or who has acquired the residential property by a deed in lieu of foreclosure.
(4) Transfers by a fiduciary in the course of administration of a decedent's estate, guardianship, conservatorship, or trust.
(5) Transfers of newly constructed residential real property, which has never been occupied.
(6) Transfers from one or more co-owners solely to one or more of the remaining co-owners.
(7) Transfers pursuant to testate or intestate succession.
(8) Transfers of residential real property that will be converted by the BUYER
into a use other than residential use.
(9) Transfers of residential real property to a spouse or relative in the line of consanguinity (blood line).
(10) Transfers between spouses resulting from a judgment of divorce or a judgment of separate maintenance or from a property settlement agreement incidental to such a judgment.
(11) Transfers or exchanges to or from any governmental entity.
(12) Transfers from an entity that has acquired title or assignment of a real estate contract to a piece of residential real property to assist the prior owner in relocating, as long as the entity makes available to the BUYER a copy of the property disclosure statement, any inspection reports if any furnished to the entity by the prior owner, or both.
(13) Transfers to an inter vivos trust.
(14) Acts that, without additional consideration and without changing ownership or ownership interest, confirm, correct, modify, or supplement a deed or conveyance previously recorded.
2016 MLS Rules and Regulations
2015 MLS Rules and Regulations
