Follow

Purchaser Tracking Term Definitions

Purchaser Tracking Term Definitions

The Purchaser Tracking functionality allows you to add and track purchase information within the Sales Center for a registrant that becomes a buyer. Information such as unit purchased, purchase price, unit status, contract dates, and co-buyers can be instantly added to the registrant profile and updated as needed. See About Purchaser Tracking in Sales Center for more information.

Following are the Lasso definitions for the different statuses of a unit of inventory that a user would select as the unit moves through the sale process. Also below are descriptions of the various contract and optional dates that can be entered along the way.

Inventory Statuses:

  • 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

 Dates:

  • 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
  • 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