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Inventory Center - Manage Contract Dates and Optional Dates

Inventory Center - Manage Contract Dates and Optional Dates

In this article:

About Contract Dates and Optional Dates

There are three dates that change the Status of a unit as they are entered into Lasso during the contract process, beginning with the Status of Offer when a purchaser is assigned and moving to a Status of Closed with the addition of each date.

Contract Dates are as follows:

  • Contract Date – Buyer makes an offer to purchase the unit
  • Acceptance Date – Seller accepts the buyer's offer to purchase the unit
  • Completion Date – Full dollar amount of the unit is transferred from buyer to seller and ownership of the unit is transferred from seller to buyer

Optional Dates are also available. Entries in these fields do not  change the Status of a unit as Contract Dates do.

Optional Dates are as follows:

  • Release Date – Inventory is released for sale to the public
  • Possession Date – Buyer takes possession of the unit and is given keys
  • Occupancy Date – Buyer physically moves into the purchased unit
  • Adjustment Date – Calculations on the purchase are completed for items such as property taxes, utility taxes, etc. (proportionate based on Possession Date)
  • Date Sent To Lawyer – Accepted contract is sent to the lawyer for preparation of closing documents

Note: An Administrator has the ability to change the names of the Contract DateOptional Date, and Status fields to better suit your specific business needs via the System Terminology Map functionality available in the Client Admin Center. 

Add Contract Dates to Unit

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 – Click on the unit in the Inventory List.

Note: A purchaser must be assigned to the unit prior to adding a Contract Date

3 – Click on Dates.

4 – In the Dates section, select the Contract Date. Note that the Status of the unit is Offer.

5 – Click Save. This will bring up an Acceptance Date field.
6 – Select the Acceptance Date.

7 – Click Save. This will bring up a checkbox to indicate the contract has been accepted. Note that the status of unit remains as Offer.
8 – Check the box beside Contract Accepted.

9 – Click Save. This will bring up a Completion Date field. Note that the Status changes from Offer to Firm (R) if there is a rescission period or Firm if there is no rescission period.

Note: The status will automatically change from Firm (R) to Firm once the rescission period has passed.

10 – Select the Completion Date.

11 – Click Save. This changes the Status of the unit from Firm to Closed.

All dates entered are displayed in the Dates section of the inventory profile.

Add Optional Dates to Inventory Unit

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 – Click on the unit in the Inventory List.

3 – Click on Dates.

4 – In the Optional Dates section, select dates for any of the following:

  • Release Date
  • Possession Date
  • Occupancy Date
  • Date Sent to Lawyer
  • Adjustment Date

5 – When you have entered your dates, click Save. All dates entered are displayed in the Dates section of the inventory profile.