A motion was approved to amend the Rules & Regulations as follows:
“Information in the Public Remarks field in the Listing shall be limited to information describing or marketing the listed property, to include any offers of seller-paid closing costs, repair allowances, or home warranties.”
After reviewing advice from counsel about the possible ramifications of allowing Equitable Interest listings into ValleyMLS and what options are available, the committee feels that only allowing listings where the seller is the legal owner (as opposed to just an “equitable owner”) will help side-step these issues all together. Therefore, only properties being sold by the legal owner is allowed to be listed in ValleyMLS.
Effective immediately, the Lead Based Paint Disclosure document is required to be attached to listings built prior to 1978. Failure to comply with this rule is a Category 1 Violation. To allow only properties being sold by the legal owner to be listed in ValleyMLS.