The Special Listing Conditions field identifies circumstances that affect the type, ownership, approval process, or terms of a sale or lease at the time the listing is entered.
Select all conditions that accurately apply. If none apply, select None.
Available selections
None
Select None when no other Special Listing Conditions apply.
Auction
Select Auction when the property is being offered through an auction process.
OneKey MLS Rule 313.2 requires auction listings to be identified as auction listings in the Special Listing Conditions field. Auction terms and conditions must be included in Private Remarks.
Auction Terms of Sale
Select Auction Terms of Sale when the transaction is subject to terms established for an auction.
This selection does not replace Auction when the property is being sold at auction. Include the applicable auction requirements, procedures, and terms in Private Remarks.
Bankruptcy Property
Select Bankruptcy Property when the property or proposed transaction is subject to an active bankruptcy proceeding.
The transaction may require authorization from a bankruptcy trustee, the bankruptcy court, or another party.
Contract Vendee
Select Contract Vendee when the listing party holds contractual rights to purchase the property but has not yet taken title and is offering those contractual rights or the property for resale, as legally permitted.
The listing broker should confirm the listing party’s authority to market and transfer the applicable interest.
HUD Owned
Select HUD Owned when the property is owned by the U.S. Department of Housing and Urban Development.
Do not select this option merely because the property was purchased with an FHA-insured loan or was previously involved in an FHA foreclosure.
In Foreclosure
Select In Foreclosure when a foreclosure action has been initiated against the property and remains pending.
This does not necessarily mean the property is lender-owned, is a short sale, or requires lender approval. Do not select it solely because the seller has missed mortgage payments or may face foreclosure.
Notice of Default
Select Notice of Default when a formal notice of mortgage or loan default has been issued for the property.
A Notice of Default may precede a foreclosure action, but the conditions are not interchangeable. Select In Foreclosure separately if a foreclosure action has also been initiated.
Probate Listing
Select Probate Listing when the property is being sold as part of the administration of a deceased owner’s estate and the transaction is subject to the applicable probate process.
The listing broker should confirm who has authority to list and sell the property and whether court approval is required.
Purchase Option
Select Purchase Option when the listing or transaction includes an option granting a party the right to purchase the property under specified terms.
Renewal Option
Select Renewal Option when a lease includes an option permitting the tenant to renew or extend the lease under specified terms.
Real Estate Owned
Select Real Estate Owned when the property is owned by a lender, government entity, or other institution following foreclosure or a similar transfer.
Do not select Real Estate Owned while the prior owner still holds title merely because a foreclosure action is pending.
See Remarks
Select See Remarks only when a special listing condition applies but is not adequately described by another available selection.
Explain the condition in the appropriate remarks field. Do not use See Remarks when a more specific selection applies.
Short Sale
Select Short Sale when the anticipated sale proceeds may be insufficient to satisfy the liens against the property and the transaction may require lienholder approval.
The seller’s acceptance of an offer does not necessarily mean the transaction has been approved by the lienholder. See OneKey MLS Rule 312 for requirements concerning potential short sales.
Sublease
Select Sublease when an existing tenant is offering all or part of the tenant’s leasehold interest to another tenant while the original lease remains in effect.
The listing broker should confirm that the proposed sublease is permitted and whether the property owner or another party must approve it.
Third Party Approval
Select Third Party Approval when completion of the transaction requires approval from someone other than the seller or buyer.
This may include approval by a lender, a court, a trustee, a government entity, an estate representative, a cooperative board, or another authorized party. Select a more specific Special Listing Condition as well when one applies.
Important distinctions
- Notice of Default means a formal default notice has been issued.
- In Foreclosure means a foreclosure action has been initiated and remains pending.
- Real Estate Owned means ownership has transferred to a lender or institution.
- Short Sale means lienholder approval may be required because the sale proceeds may not satisfy the property’s liens.
- Third Party Approval applies more broadly when another person or entity must approve the transaction.
More than one condition may apply to the same listing.
Keeping the field current
Update the Special Listing Conditions field promptly when:
- A new condition becomes known
- A foreclosure action begins or is resolved
- Ownership transfers to a lender or institution
- Required third-party approval is obtained or is no longer required
- The transaction structure changes
- A previously selected condition no longer applies
OneKey MLS Rule 306.7 requires contingencies and conditions applicable to a listing to be disclosed in the appropriate field when the listing is entered or when the condition becomes reasonably apparent.