The Property Sub Type, Structure Type, and Common Interest fields all work to ensure that the nature of the property and the type of ownership are clear. Defining the overall structure, which part of the structure a seller is selling, and how ownership is held clarifies the listing for other real estate professionals.
Here are some examples of field combinations that describe different properties and types of ownership:
The many possible combinations will help you to correctly describe the property. The system will automatically warn you if you use an invalid combination.
The following Q&A will help you to better understand each field.
Q: How do I correctly determine the Common Interest for my listed property?
A: Common Interest describes the type of ownership in the property being offered for sale. It is consistent with the ownership types Louisiana law recognizes.
Q: How do I correctly determine the Structure Type for my listed property?
A: The Structure Type field is intended to describe what the physical building looks like. This is not necessarily what the seller is selling, but rather encompasses the entire building structure for which the sold unit may only be a part.
Structure Type focuses on what the entire building looks like, not on ownership interests or use.
Property Sub Type
Q: How do I correctly determine the Property Sub Type for my listed property?
A: The Property Sub Type describes what type of property is for sale. This will be the type of property the buyer will own upon close of escrow.
Buyer agents rely on this description to determine which properties will meet their buyers’ requests. Under the concept of broker cooperation, listing agents have a duty to properly categorize the Property Subtype so that buyer agents do not show a Property Subtype that fails to meet their buyers’ specific instructions. This is also the description that your MLS will send out to syndication and IDX websites.
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