Section 20
Sales Contract
Appendix F-1, page 205
The Sales Contract section includes information from the sales contract for the subject property including price, personal property, and sales concessions. This section provides space for additional analysis and exhibits.
The Sales Contract section displays if there is an active sales contract associated with the property.
General Information#
Sales Contract: General information
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 20.000 | Is there a sales contract? | Always required | Yes | No | Indicates whether there is an active sales contract associated with the property. - If No, the Sales Contract section does not display. |
| 20.001 | Was sales contract information analyzed? | Required if Is There a Sales Contract is Yes | Yes | No | Sales Contract Information Analyzed: Indicates whether the appraiser reviewed and analyzed the sales contract for the subject purchase transaction. If No, the appraiser must provide commentary in Sales Contract Analysis as to the reasons why the sales contract was not analyzed. - This must include a description of the appraiser's source of the information about the sales transaction, efforts made to obtain the sales contract, and why the sales contract was not provided. - If the appraiser was not provided with the contract and becomes aware of details through other means that they wish to report (such as Contract Price or Contract Date), this can also be addressed in Sales Contract Analysis. |
| 20.002 | Does this appear to be an arm's length transaction? | Required if Is There a Sales Contract is Yes | Yes | No | Appears to be Arm's Length Transaction: Indicates whether this is an arm's length transaction. |
| 20.003 | Non-Arm's Length Commentary | Required if Appears to be Arm's Length Transaction is No | Free-form | Describes the relationship between the parties in the transaction. |
| 20.004 | Contract Price | Required if Sales Contract Information Analyzed is Yes | Dollar amount | The dollar amount stated in the sales contract. |
| 20.005 | Contract Date | Required if Sales Contract Information Analyzed is Yes | Date | The date the sales contract was fully executed. |
| 20.006 | Transfer Terms | Required if Sales Contract Information Analyzed is Yes | Choose an allowable answer from the Definition / Additional Guidance column | - Court Ordered Non-Foreclosure Sale - Estate Sale - Foreclosure Sale - Land Sale - Pre-Subdivision Sale - Relocation Sale - REO Sale - Sale Between Related Parties - Short Sale - Typically Motivated (e.g., Arm's Length sale) - Other (Describe) (e.g., Private Sale) Note: If more than one Transfer Term applies, select the most applicable one. |
| 20.007 | Personal Property Conveyed | Required if Sales Contract Information Analyzed is Yes | Yes | No | Indicates whether personal property is included in the sales contract. If Yes, provide further details in Sales Contract Analysis (20.011). |
| 20.007 | Personal Property Conveyed | Displays when Personal Property Conveyed is Yes | N/A | Personal property is not included in the appraiser's final opinion of value |
Financial Sales Concessions#
The Financial Sales Concessions subsection displays if the sales contract information was analyzed.
Sales Contract: Financial Sales Concessions
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 20.008 | Financial Sales Concessions | Displays if Sales Contract Information Analyzed is Yes | N/A | Financial assistance paid by or on behalf of the seller as an inducement to purchase the subject property |
| 20.008 | Known Sales Concessions | Required if Sales Contract Information Analyzed is Yes | Yes | No | Indicates whether there is a concession in the sales contract. |
| 20.009 | Total Sales Concessions | Required if Known Sales Concessions is Yes | Yes | No | Sales Concession Amount Known: Indicates whether the total amount of sales concessions is known. - If No, "Unknown" displays next to Total Sales Concessions. |
| 20.009 | Total Sales Concessions | Required if Sales Concessions Amount Known is Yes | Dollar amount | Total Sales Concessions: The total dollar amount of the value of all sales concessions granted by an interested party, including monetary, furniture, carpeting, decorator allowances, automobiles, vacations, securities, giveaways, or other sales incentives. |
| 20.010 | Typical for Market | Required if Sales Concessions Amount Known is Yes | Yes | No | Indicates whether sales concessions are typical in the market location. |
Sales Contract Analysis#
Sales Contract Analysis
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| 20.011 | Sales Contract Analysis | Required if Sales Contract Information Analyzed is No, or if Personal Property Conveyed is Yes, or if relevant | Free-form | Details captured above that require additional support, including: - The reasons why the contract was not analyzed. This must include a description of the appraiser's source of the information about the sales transaction, efforts made to obtain the contract, and why the contract was not provided. - Information about personal property included in sale. - Details and other information relevant to this section |
Sales Contract Exhibits#
All photos or images related to the Sales Contract section are displayed in the Sales Contract Exhibits subsection. If there are no photos or images, this subsection does not display.
Sales Contract Exhibits
| Report Field ID | Report Label | When to Include | Allowable Answers / Format | Definition / Additional Guidance |
|---|---|---|---|---|
| See iGuide | Sales Contract Exhibits | If applicable | Photos or images | Photos or images relevant to the Sales Contract section may be provided, which display in Sales Contract Exhibits. Provide a caption to identify each photo or image. |