Section 20

Sales Contract

Appendix B-1, page 278

The Sales Contract section displays when an active sales contract exists. This section includes information for the subject property including price, personal property, and sales concessions. This section provides space for analysis and exhibits.

Graphical user interface, text, table

The Sales Contract section displays when SalesContractExistsIndicator (UID: 0600.0016, FID: 20.000) = "true". When there is no sales contract, deliver SalesContractExistsIndicator = "false" and the Sales Contract section and related subsections do not display.

Was sales contract information analyzed? - SalesContractReviewedIndicator (UID: 0600.0010, FID: 20.001)

  • When "true", sales contract details must be provided. (Figure 20 - 1)
    • Does this appear to be an arm's length transaction? - ArmsLengthIndicator (UID: 0600.0002, FID: 20.002) ▪ Non-Arm's length Commentary - When ArmsLengthIndicator = "false", NonArmsLengthCommentText (UID: 0600.0003, FID: 20.003) must be provided.
    • Contract Price - SalesContractAmount (UID: 0600.0008, FID: 20.004)
    • Contract Date - SalesContractDate (UID: 0600.0009, FID: 20.005)
    • Transfer Terms - SaleType (UID: 0600.0017, FID: 20.006)
    • Personal Property Conveyed - PersonalPropertyIncludedIndicator (UID: 0600.0004, FID: 20.007) ▪ When PersonalPropertyIncludedIndicator (UID: 0600.0004, FID: 20.007) = "true", display static text in italics, "Personal property is not included in the appraiser's final opinion of value" below the label Personal Property Conveyed. ▪ Comments must be provided and display in the Sales Contract Analysis subsection.
  • When "false"
    • Does this appear to be an arm's length transaction? and Non-Arm's length Commentary and the sales contract details do not display.
    • Comments must be provided and display in the Sales Contract Analysis subsection.

Figure 20 - 1

Graphical user interface, application

Financial Sales Concessions#

The Financial Sales Concessions subsection including italicized text, "Financial assistance paid by or on behalf of the seller as an inducement to purchase the subject property", displays when SalesContractReviewedIndicator (UID: 0600.0010, FID: 20.001) = "true".

Graphical user interface, text, application

  • Known Sales Concessions - SalesConcessionIndicator (UID: 0600.0006, FID: 20.008)
    • When "true", ▪ Known Sales Concessions and Total Sales Concessions display (Figure 20 - 2)
      • SalesConcessionAmountKnownIndicator (UID: 0600.0005, FID: 20.009)
        • When "false" display "Unknown"
        • When "true" display TotalSalesConcessionAmount (UID: 0600.0011, FID: 20.009) and Typical for Market - SalesConcessionsTypicalToMarketIndicator (UID: 0600.0007, FID: 20.010) (Figure 20 - 2)
    • When "false", ▪ Known Sales Concessions displays "No" (Figure 20 - 3)

Figure 20 - 2

Figure 20 - 3

Graphical user interface, text, application, email

Sales Contract Analysis#

The Sales Contract Analysis subsection displays when comments are provided. Comments for this subsection must be delivered in ValuationCommentText (UID: 0600.0014, FID: 20.011) with ValuationAnalysisCategoryType (UID: 0600.0015, FID: 20.011) = "SalesContract".

Comments are required when:

  • SalesContractReviewedIndicator (UID: 0600.0010, FID: 20.001) = "false" stating why the contract was not analyzed.
  • PersonalPropertyIncludedIndicator (UID: 0600.0004, FID: 20.007) = "true" describing personal property included in sale.

Additional comments may be included and display in this subsection.

Sales Contract Exhibits#

The Sales Contract Exhibits subsection displays when images are provided, and the Sales Contract section is included in the report. All captions display above the image in bold font.

  • Any images included must be delivered with ImageCategoryType (UID: 1400.0638, FID: 20.013) = "SalesContractExhibit"
  • An image caption should be included using ImageCaptionCommentDescription (UID: 1400.0640, FID: 20.012).