Lesson 20 · 1:05
Sales Contract
A purchase assignment has a sales contract. When the contract hasn't been provided, say so, and explain what you know of the sale and how you tried to get it.
Transcript
Sales Contract
Sales Contract covers the purchase contract on the subject, when the appraisal is for a sale. Open it from the section list.
Is there a contract?
This assignment is a purchase, and the MLS shows the unit under contract, so: is there a sales contract? Yes. Was sales contract information analyzed? The order says the contract would follow from the lender, and it hadn't arrived by the effective date. So we couldn't analyze it: No.
Why it wasn't analyzed
With No, Sales Contract Analysis is required. It has to say where we learned about the sale, what we did to get the contract, and why we don't have it. Here: the MLS shows the sale pending since October 5 but gives no contract price or terms; the contract was requested from the client, as the order directs, and wasn't provided by the effective date, so its price, concessions and other terms weren't analyzed.
Prior Sale and Transfer History
That completes the Sales Contract section. Next, Prior Sale and Transfer History.