Multiple Listing Service (MLS)
MLS allows real estate salespeople to see properties being sold by other agents, a benefit to both buyers and sellers of real estate. The Multiple Listing Service efficiently distributes information so that, when a real estate salesperson is introduced to a potential home buyer, the salesperson may search the MLS system and retrieve information about all homes for sale in a given area or price range, whether under a listing contract by that salesperson’s brokerage or by any of the other participating brokers.
MLS, then, functions as a huge database that allows real estate salespeople representing sellers under a listing contract to widely share information about properties with real estate salespeople who may represent potential buyers. The MLS combines the listings of all available properties that are represented by brokers who are both members of that MLS system and of CREA, the Canadian Real Estate Association. Many lenders require the borrower to provide a copy of the MLS document to prove that it is an arm’s length transaction – in other words, the property has been offered to the public. The following is a sample of an MLS document.