Years ago, when you accepted the offer, we marked the property as Conditionally Sold on the MLS, and since 80-90% of buyers waive conditions, we removed the property from the ACTIVE market. However, this procedure was unfair to the seller, as it precluded a chance of a back-up offer. So, the rules were changed (and it got confusing).
You still have the choice of us putting it as Pending (the new Conditionally Sold) on the MLS; during this time, we’ll stop actively marketing the listing and the property will be removed from Realtor.ca (or other sites).
Another option is Under Contract which informs other agents about the status (Conditional Sale), but it will remain on Realtor.ca. Buyer agents have the opportunity to present the home as an OPTION to potential buyers.
The last option is to leave it as Active. This enables us to get additional potential showings, but can leave a bad BUYER impression when they discovers that the home isn’t REALLY available. Many agents specifically ask about status prior to booking the viewing, not wishing to show a property that isn't 100% available. Ethically, I can't lie.
I will review these options with you again. Every situation is different. If the home has been on the market for a LONG time, I’m more likely to suggest PENDING as it shows activity on an otherwise aged listing.