Multiple Listing Service (MLS) Law and Legal Definition
Multiple listing service (MLS) is a sharing of comprehensive home information among real estate professionals. It is an online software which is used by real estate brokers to share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property or asset. The listing data stored in a multiple listing service's database is the proprietary information of the broker who has obtained a listing agreement with a property's seller. MLS enables brokers to establish contractual offers of compensation, facilitates co-operation with other broker participants. It further provides for an orderly correlation of listing information to serve broker clients, customers and the public. The additional benefit of the MLS system is that an MLS subscriber can retrieve information about all homes for sale by all participating brokers by searching the system. The MLS offers the advantage of more timely information, availability, and access to houses and other types of property on the market.
Legal Definition list
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