Inventory Center - Contract Process and Pricing Details
In this article:
As a unit progresses through the different stages of a sale in Lasso, its Status changes, beginning with the initial Status of Available and moving to a Status of Closed with the addition of purchasers and date entries. There are three date fields that impact the Status of the purchased unit – Contract Date, Acceptance Date, and Completion Date. The Status of a unit in Lasso progresses as follows:
Dates that impact the Status of the unit 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
Unit Statuses are as follows:
- Unavailable – Unit that is not available for purchase for specific reasons such as model home, etc.
- Available – Unit that is available for purchase
- Offer – Unit for which a buyer has made the seller an offer to purchase
- Reserved – Pre-sale unit for which there is expressed interest to buy and deposit has been taken in trust
- Subject – Unit for which there is an accepted offer that is contingent on specific conditions being removed such as buyer obtaining financing, unit passing home inspection, buyer selling existing home, etc.
- Firm(R) – Unit for which there is an accepted offer with no conditions but is in the specified rescission period meaning the buyer can back out of (rescind) the contract up to and including the final day of the rescission period; immediately following the rescission period, the unit becomes Firm
- Firm – Unit for which there is an accepted offer with no conditions and the rescission period (if applicable) has passed
- Closed – Unit for which all monies and legal documents have been exchanged between seller and buyer, and ownership has been transferred from seller to buyer
Optional dates are also available. Entries in these fields do not change the Status of a unit.
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
Once a purchaser and sales rep have been assigned to a unit, contract details can be completed.
The specifics of the contract are represented in two sections of an inventory profile:
- Inside Contract – Details that are part of the contract price
- Outside Contract – Details that are in addition to the contract
Inside Contract details affect the Total Contract Price. Outside Contract details affect the Total Expected Receipts.
Following is a breakdown of how contract details affect the final price of the unit:
There are several fields in Lasso that allow you to adjust the price of a unit according to specific details of the contract. You have the option of making adjustments that are included in the contract price, referred to as Inside Contract, as well as specifying those that are Outside Contract. Price adjustments include:
Inside Contract – Adjustments to Total Contract Price:
- Off the Top Discount – Discount off the Sale Price
- In Lieu of Incentive – Reduction in price in lieu of an incentive offered
- Credit – Discount that is offered as part of the contract but does not reduce the Total Contract Price
- Other Amounts – Increase or decrease to Total Contract Price
Outside Contract – Adjustments to Total Expected Receipts:
- Incentive – Reduction in price for an incentive offered
- Realtor Referral – Reduction in price for a realtor referral
- Discount Statement of Adjustments – Discount after Total Contract Price
- Other Amounts – Increase or decrease to Total Expected Receipts
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 Contract.
4 – Enter the amounts as needed in the spaces provided and Save.
Note: Entering a dollar amount in the Other Amounts fields will result in an increase to the price unless a negative sign is entered before the number. A negative sign will result in a decrease to the price.