What is a non-disclosure state? A non-disclosure state refers to a state in the United States where real estate sold prices are not publicly disclosed or recorded as part of the public record. In these states, the actual sold prices of properties are not readily available to the public or obtained through government records. Unlike many states, Idaho is one of the few non-disclosure states. Non-disclosure states maintain privacy and confidentiality regarding real estate transactions. The rationale behind this is to protect the parties involved, especially buyers and sellers, from having their personal financial information readily accessible to the public.
What does this mean for Brokerages and Intermountain MLS? Intermountain MLS rules and regulations require brokerages to report the final sale price to Intermountain MLS. Intermountain MLS is NOT a government agency, and it is NOT public records.
Section 2.5 of the IMLS rules and regulations states that: Status changes, including final closing of sales and sales prices shall be reported to the Multiple Listing Service by the listing broker by the next business day after they have occurred. If negotiations were carried on under Section 2(a) or (b) hereof, the cooperating broker shall report accepted offers and prices to the listing broker within twenty-four (24) hours after occurrence and the listing broker shall report them to the MLS by the next business day after receiving notice from the cooperating broker. Failure to report sales to the Multiple Listing Service by the next business day may result in a fine per transaction, in an amount as determined from time to time by the IMLS Board of Directors. Any sales price reported to the Multiple Listing Service which varies forty-five percent (45%), either higher or lower, from the original listing price submitted to the Multiple Listing Service shall require written documentation, signed by the broker, by the next business day, which evidences the actual final sales price. Such written documentation shall include a verified statement from the listing broker and/or a copy of the purchase and sale agreement or other transaction related documents. Further, Participants and Subscribers are prohibited from knowingly or willingly canceling or withdrawing any listing, or engaging in any other conduct which is for the purpose of evading the requirement to report accurate sales prices to the Multiple Listing Service. A violation of this Section will result in a fine per transaction in the amount of five hundred dollars ($500) and/or suspension, or termination from the Multiple Listing Service, as determined from time to time by the IMLS Board of Directors.
Citations:
- Section 54-2083 – Idaho State Legislature. (n.d.). https://legislature.idaho.gov/statutesrules/idstat/title54/t54ch20/sect54-2083/
- IMLS. (n.d.). https://imlsmembers.com/compliance