How To Avoid Expired Option Period Fines

Please remember that the Option Period for a listing does have an expiration date. When a listing is placed in Active Option Contract status, you must enter the expiration date for that Option Period. Sometimes the Option Period is extended past the original expiration date, but typically once the option period is over, the status needs to be updated to a Pending or Active Contingent Status or returned to the Active Status. If the option period needs to be extended, you may update the Option Period in Matrix under Input. Select the listings to be updated, and then select “Change to Active Option” there you can move the expiration date forward to the extended date of option.

The Listing Data Checker System will send a notification if the Option Period has expired. Unfortunately, those notices are being ignored and we have had a recent rash of fines issued for failure to respond to those Listing Data Checker notices.

As with any change of status, the MLS Rules require you to update your listing within 72 hours of the change occurring.