Resource Type Archives

Public Remarks should be used to describe the physical property for sale and the vicinity.  The MLS is a professional resource of objective property information; public fields should not be used as advertising for agents, builders, other properties or any third party. Agents should feel comfortable sharing MLS information with their clients, knowing they are not…

NorthstarMLS requires a gross list price that matches the listing agreement, unless the property is listed as an auction listing.  NorthstarMLS does not permit range pricing on MLS (150,000-175,000) or To Be Determined pricing.  The list price should reflect the amount for which the property may be purchased.

The lender has taken ownership of the property.  This field also applies when the institution that guaranteed the loan has taken possession due to default.

When entering a property into the Multi-Family or Commercial category, it will be required to enter the total and gross incomes/expenses for the property. The total income includes the income total after paying for utilities, whereas the gross income includes the income after paying the aforementioned utilities and taxes and/or assessments associated with the property….

What to know about canceled listings. Broker must cancel the contract to cancel the listing. Broker must do a new contract to re-list as a new listing. Canceled listings can re-list in an Active status immediately. Canceled listings cannot go into the Coming Soon status within 90 days of cancelation from the MLS. NOTE: Exceptions to…

A seasonal property is one that cannot be lived in year-round, usually due to lack of insulation or permeant sufficient heating or lack of access to the property during parts of the year.  If the property currently is sufficient for year-round living, it may be marked yearly.

An auction listing on NorthstarMLS must specify the type of auction (Absolute, Minimum Bid or Reserve) and the license number of the auctioneer.  NorthstarMLS requires that a listing entered as an auction be run by a state licensed auctioneer. An absolute action (or auction without reserve) is a property that will be sold to the highest…

NorthstarMLS allows up to 2 virtual tours of the property.  Many third party sites will display only 1 virtual tour.  Although both tours will be available to third parties, other websites may display only the tour in the first position.

Lake Front:  Property is directly adjacent to a lake.  The only things that may intervene between listed property and the lake are a public thoroughfare or association owned land. River Front:  Property is directly adjacent to a river.  The only things that may intervene between listed property and the river are a public thoroughfare or…

Association management contact information is required in support a smooth closing.  Most CICs are subject to the disclosure requirement under Minnesota statue, and a buyer is entitled to obtain a disclosure statement or resale disclosure certificate.  To support this, MLS requires disclosure of the responsible association contact information.  If the association is self-managed, the name…