A structured record of how your seller weighed public marketing against a private listing — and chose, on the record, with the risks in front of them.
Built for agents and brokers who hold themselves to a fiduciary standard. One per-agent price. No per-listing fees.
When a seller signs an MLS opt-out or a private-listing disclosure, you have proof they signed something. What you don't have is a record of how they got there — what tradeoffs you walked them through, what they understood about price and exposure, why a restricted path made sense for their situation.
That gap is where the risk lives. If a seller later claims they were steered, or a broker of record is asked to defend a marketing decision, or a state regulator wants to see informed consent rather than a signature, the disclosure form is silent on the one question that matters: was this a genuine, informed decision?
A defensible record that the marketing-path decision was the seller's, made with the financial and exposure tradeoffs disclosed. It complements — but does not replace or substitute for — your E&O coverage and brokerage procedures, documenting the one decision those don't: deliberate, documented seller consent on marketing path.
At the listing table, the LSDR is proof you take the seller's interests seriously enough to put the reasoning on the record. It's a fiduciary posture a competitor reaching for a pocket-listing pitch can't match — and a reason a thoughtful seller chooses you.
| What it does | MLS disclosure form | Pocket-listing / PLN pitch | LSDR |
|---|---|---|---|
| Captures a signature | ✓ | — | ✓ |
| Documents the seller's reasoning | ✗ | ✗ | ✓ |
| Discloses price & exposure tradeoffs on the record | partial | ✗ | ✓ |
| Defensible to broker, regulator, or seller later | partial | ✗ | ✓ |
| Aligns with a fiduciary, no-steering posture | neutral | ✗ | ✓ |
| Reflects current state-law context on private listings | ✗ | ✗ | ✓ |
The LSDR does not replace your MLS disclosure or give legal advice. It documents the deliberation the disclosure assumes but doesn't capture.
Several states have written the documentation expectation directly into statute. Washington's SB 6091 is in effect. Connecticut's SB 340, signed in May 2026 and effective October 1, requires public marketing of one-to-four-unit residential listings unless the seller signs a standardized state opt-out form acknowledging the exposure and price tradeoffs — with penalties up to $5,000 or license suspension. Wisconsin's 2025 Act 69, effective January 1, 2027, requires a listing to be publicly advertised within one business day of the agency agreement unless the owner opts out in writing. New York's Fair and Transparent Real Estate Listings Act has passed both chambers and is awaiting the governor's signature. The pattern is consistent: where private or restricted marketing stays permissible, the law increasingly requires a documented, informed seller opt-out based on disclosed risks. The state form captures the signature. The LSDR documents how that decision was reached.
State-law summaries are provided for general awareness and are current as of mid-2026; they are not legal advice. Verify the current statute and effective date for your state with licensed counsel.
See the state-by-state compliance reference →
The clearest way to understand the LSDR is to read one. The sample walks through a complete decision record — the marketing-path options presented, the tradeoffs disclosed, and the seller's documented choice — exactly as it would appear for a real listing.
Open the sample LSDR →Document the decision, not just the disclosure.