MLS status definitions. Definitions of MLS status for listings. It is easy for real estate agents to get caught speaking real estate speak to a client who doesn’t have a clue what you are talking about. In the St. Louis MLS, we have 1. Here is a glossary of each of the terms. ACTIVE This status means that the listing is available and unencumbered by any contract. The days on market count continues during this period. CONTINGENT W/KICKOUT This status means that the listing has an accepted contract but it is contingent upon the buyer getting a contract and closing on their current home. Additionally, with kickout means that a buyer who can purchase without selling a home could make an offer on the home as a backup offer. If the seller likes the second offer better, he could give notice to his first buyer that the first buyer must firm up and waive the contingency or be kicked out of the contract so that the seller can move forward with contract number 2. The days on market count continues during this period. CONTINGENT NO KICKOUT This means that the listing has an accepted contract but the seller did not require that there be a kickout period on the contract. A prospective buyer that might want to write a contract on this property in this status must understand that they can write an offer and if accepted by the seller, it will remain in backup status. The seller cannot kick his first buyer out. The only way contract number 2 can become a primary contract is if the first contract falls apart on it’s own accord (building inspection, financing, etc.) The days on market count continues during this period. CONTINGENT SHORT SALE This means that the listing has an accepted contract but the accepted contract must have lender approval. The home is being sold at a price that will require the lender(s) to accept less than what is owed on the home. A prospective buyer must understand that he may or may not have a chance to put in a second contract offer that may or may not be considered. This is a very tricky situation and requires a professional real estate agent with experience in short sales to help them navigate this type of transaction. The days on market count continues during this period. OPTION This means that the listing has an accepted contract. The option period is the time period during which inspections are being performed and according to the St. Louis Association of Realtors board contract, it is the time period during which a buyer can terminate a contract after purchasing a building inspection. Once a building inspection notice (or request for repairs to be made) is submitted to the seller, the option period is terminated. The length of the option period is dictated in the contract. The default time period for option status is 1. The days on market count continues during this period. TEMPORARILY OFF MARKET This status is to be used on a short term basis for a home listing that needs to out of the MLS briefly. This could be due to a need for a repair or because the seller has some improvements that are needed based on feedback from showing agents. The home will not be shown during this period. Days on market count is suspended during this period. It resumes when the home listing is activated again. PENDING This status means that the home is under contract and the buyer can no longer walk out of the contract on the building inspection results. While pending, a home will no longer be shown. Days on market count is suspended during this period. If the listing is reactivated if the contract falls apart, all of the days on market to date are picked up and applied to the listing. SOLD This status means that a closing has occurred and the property is no longer available for sale. Days on market count is terminated. MLS status definitions from The Arnold Group Real Estate in Chesterfield Missouri. WITHDRAWN This status means that the listing agent has removed the listing from the MLS but still has a valid listing agreement with the seller. The house may or may not be able to be shown. The listing agent would need to be consulted on a case by case basis under this status. Days on market count is suspended during this period. CANCELLED This status means that the listing agreement between listing broker and seller has been terminated. The home is no longer for sale. The days on market count is terminated with this status. As real estate becomes more complicated, the MLS statuses seem to have become more complicated as well. A professional real estate agent can help any buyer or seller understand how to navigate the real estate system in St. Louis. We have many years of experience and are ready to help. (l) “Transaction broker” means a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent.Statutes & Constitution. View Statutes. Online Sunshine(1) SHORT TITLE.—This section may be cited as the “Florida Land Trust Act.”(2) DEFINITIONS.—As used in this section, the term: (a) “Beneficial interest” means any interest, vested or contingent and regardless of how small or minimal such interest may be, in a land trust which is held by a beneficiary.(b) “Beneficiary” means any person or entity having a beneficial interest in a land trust. A trustee may be a beneficiary of the land trust for which such trustee serves as trustee.(c) “Land trust” means any express written agreement or arrangement by which a use, confidence, or trust is declared of any land, or of any charge upon land, under which the title to real property, including, but not limited to, a leasehold or mortgagee interest, is vested in a trustee by a recorded instrument that confers on the trustee the power and authority prescribed in s. The duty to convey, sell, lease, mortgage, or deal with the trust property, or to exercise such other powers concerning the trust property as may be provided in the recorded instrument, in each case as directed by the beneficiaries or by the holder of the power of direction; 2. The duty to sell or dispose of the trust property at the termination of the trust; 3. The duty to perform ministerial and administrative functions delegated to the trustee in the trust agreement or by the beneficiaries or the holder of the power of direction; or. The duties required of a trustee under chapter 7. However, the duties of the trustee of a land trust created before June 2. Power of direction” means the authority of a person, as provided in the trust agreement, to direct the trustee of a land trust to convey property or interests, execute a lease or mortgage, distribute proceeds of a sale or financing, and execute documents incidental to the administration of a land trust.(e) “Recorded instrument” has the same meaning as provided in s. Trust agreement” means the written agreement governing a land trust or other trust, including any amendments.(g) “Trust property” means any interest in real property, including, but not limited to, a leasehold or mortgagee interest, conveyed by a recorded instrument to a trustee of a land trust or other trust.(h) “Trustee” means the person designated in a recorded instrument or trust agreement to hold title to the trust property of a land trust or other trust.(3) OWNERSHIP VESTS IN TRUSTEE.—Every recorded instrument transferring any interest in real property to the trustee of a land trust and conferring upon the trustee the power and authority prescribed in s. The recorded instrument does not itself create an entity, regardless of whether the relationship among the beneficiaries and the trustee is deemed to be an entity under other applicable law.(4) STATUTE OF USES INAPPLICABLE.—Section 6. DOCTRINE OF MERGER INAPPLICABLE.—The doctrine of merger does not extinguish a land trust or vest the trust property in the beneficiary or beneficiaries of the land trust, regardless of whether the trustee is the sole beneficiary of the land trust.(6) PERSONAL PROPERTY.—In all cases in which the recorded instrument or the trust agreement, as hereinabove provided, contains a provision defining and declaring the interests of beneficiaries of a land trust to be personal property only, such provision is controlling for all purposes when such determination becomes an issue under the laws or in the courts of this state. If no such personal property designation appears in the recorded instrument or in the trust agreement, the interests of the land trust beneficiaries are real property.(7) TRUSTEE LIABILITY.—In addition to any other limitation on personal liability existing pursuant to statute or otherwise, the provisions of ss. LAND TRUST BENEFICIARIES.—(a) Except as provided in this section, the beneficiaries of a land trust are not liable, solely by being beneficiaries, under a judgment, decree, or order of court or in any other manner for a debt, obligation, or liability of the land trust. Any beneficiary acting under the trust agreement of a land trust is not liable to the land trust’s trustee or to any other beneficiary for the beneficiary’s good faith reliance on the provisions of the trust agreement. A beneficiary’s duties and liabilities under a land trust may be expanded or restricted in a trust agreement or beneficiary agreement.(b)1. If provided in the recorded instrument, in the trust agreement, or in a beneficiary agreement: a. A particular beneficiary may own the beneficial interest in a particular portion or parcel of the trust property of a land trust; b. A particular person may be the holder of the power of direction with respect to the trustee’s actions concerning a particular portion or parcel of the trust property of a land trust; andc. The beneficiaries may own specified proportions or percentages of the beneficial interest in the trust property or in particular portions or parcels of the trust property of a land trust. Multiple beneficiaries may own a beneficial interest in a land trust as tenants in common, joint tenants with right of survivorship, or tenants by the entireties.(c) If a beneficial interest in a land trust is determined to be personal property as provided in subsection (6), chapter 6. If a beneficial interest in a land trust is determined to be real property as provided in subsection (6), then to perfect a lien or security interest against that beneficial interest, the mortgage, deed of trust, security agreement, or other similar security document must be recorded in the public records of the county that is specified for such security documents in the recorded instrument or in a declaration of trust or memorandum of such declaration of trust recorded in the public records of the same county as the recorded instrument. If no county is so specified for recording such security documents, the proper county for recording such a security document against a beneficiary’s interest in any trust property is the county where the trust property is located. The perfection of a lien or security interest in a beneficial interest in a land trust does not affect, attach to, or encumber the legal or equitable title of the trustee in the trust property and does not impair or diminish the authority of the trustee under the recorded instrument, and parties dealing with the trustee are not required to inquire into the terms of the unrecorded trust agreement or any lien or security interest against a beneficial interest in the land trust.(d) The trustee’s legal and equitable title to the trust property of a land trust is separate and distinct from the beneficial interest of a beneficiary in the land trust and in the trust property. A lien, judgment, mortgage, security interest, or other encumbrance attaching to the trustee’s legal and equitable title to the trust property of a land trust does not attach to the beneficial interest of any beneficiary; and any lien, judgment, mortgage, security interest, or other encumbrance against a beneficiary or beneficial interest does not attach to the legal or equitable title of the trustee to the trust property held under a land trust, unless the lien, judgment, mortgage, security interest, or other encumbrance by its terms or by operation of other law attaches to both the interest of the trustee and the interest of such beneficiary.(e) Any subsequent document appearing of record in which a beneficiary of a land trust transfers or encumbers any beneficial interest in the land trust does not transfer or encumber the legal or equitable title of the trustee to the trust property and does not diminish or impair the authority of the trustee under the terms of the recorded instrument. Parties dealing with the trustee of a land trust are not required to inquire into the terms of the unrecorded trust agreement.(f) The trust agreement for a land trust may provide that one or more persons have the power to direct the trustee to convey property or interests, execute a mortgage, distribute proceeds of a sale or financing, and execute documents incidental to administration of the land trust. The power of direction, unless provided otherwise in the trust agreement of the land trust, is conferred upon the holders of the power for the use and benefit of all holders of any beneficial interest in the land trust. Florida Real Estate Glossary of Real Estate Terms and Real Estate Definitions! ![]()
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