Contracts, History

This sheet documents the subject's previous and current transactions and listings in the marketplace. Included topics are:

Per USPAP Standard 1-5:

When the value opinion to be developed is market value, an appraiser must, if such information is available to the appraiser in the normal course of business:
  • analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal; and
  • analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal.
Note that USPAP requires analysis, not just a listing of previous sales, options, and listings; use the comments fields for this. Just what is the normal course of business? See USPAP Advisory Opinion 24.

The blocks allow entry of (Current Listing) Listing, Option (if any), Contract (if any), and History (if any). Fill in the block(s) that apply to the subject, ignore those that do not.

The final section contains Analysis and Subject database Metrics. Note these are calculated fields (because they are shown in red).

Database the Subject - Setup
The subject can be saved as a record to the database under a number of different scenarios:
  • As a comparable sale (this can be the most recent sale, or an older sale)
  • As an option contract
  • As a sale contract (pending sale)
  • As an appraisal record
Set the status of the subject with the drop-down list at the top of the sheet.

This setting does the following:
  1. The setting determines which block of data is associated with the subject when it is saved as a comparable. For example, if "Most Recent Sale" is selected, the transaction data listed in the most recent sale block will be saved with the database record. Likewise, if "Listing" is selected, the list price and other info in the Listing block will be saved with the record. 
  2. The setting also determines the Price info displayed on the Sale and Land analysis grids (displaying price data on grids is optional).

The action to save the subject to the database takes place using the Database the Subject button on the Sale Grid.