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Projected Close Date

Projected closed date is a required field added when the status is Pending. This lets the agents and appraisers know when the listing is projected to close.  If the listing is still in pending status and the projected close date is seven (7) days past the date added, NorthstarMLS will send an automatic notice.  If…


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Development Status Field

Select the status that best represents the current status of the development:   Raw land – land with no improvements Plat Designed – plans have been drawn for the development or are still being finalized Plan filed – a master plan has been submitted for approval to the local government Plan Approved – the development plan has been approved…


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Property ID

The property ID field should match the county records to identify the parcel.  This number is used to help map the property correctly and connect the listing to the tax record.  Users can add multiple PID numbers while the listings are incomplete, once the listing leaves incomplete status, the field is locked for everyone but RMSL…


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Driving Directions

Driving directions are very important to ensure the property can be easily found. GPS is a great way to find a property, however, it is not always reliable. When inputting driving directions, be sure to be clear and specific. It is suggested to use a well-known street or highway as a starting point. Unacceptable– See…


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Contingency

Once an offer is accepted, the listing status should change to Pending OR a contingency must be added to listings in Active or TNAS status. The contingency options are: Application Received (Rentals) (Minnesota Only) Inspection (Minnesota Only) Subject to Statutory Rescission (Minnesota Only) Subject to Financing (Minnesota Only) Sale of Another Property (Minnesota Only) Third…


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Fractional Ownership

What Is Fractional Ownership? Fractional ownership is a percentage ownership in a property. Fractional ownership shares in the asset are sold to individual shareholders who share the benefits of the asset such as usage rights, income sharing, priority access, and reduced rates. The usage benefits that the fractional owners receive are comparable to those of…


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Public Remarks

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…


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List Price

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.


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Lender Owned

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.


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Gross Income/Expenses vs. Total Income/Expenses

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….