How_do_I_record_sale_of_real_property_

How do I record sale of real property?

Record the sale of real property to document a change in ownership and maintain an accurate history of property transactions. Sale information is used to update ownership records, support property assessments, provide market value data, and ensure tax records reflect the current owner. Recording property sales also creates a historical record that can be used for research, reporting, and valuation purposes.

Examples:

  • Record the sale of a residential property to update ownership and mailing information.
  • Document the sale price and sale date for use in assessment and valuation analysis.
  • Update property records after a commercial property changes ownership.
  • Maintain a history of property transfers for legal, audit, and reporting purposes.
  • Use sales data to compare market trends and support future property assessments.

 

By recording real property sales, you help ensure ownership records remain current, valuation data is accurate, and property transactions are properly documented.

 

Recording sale of real property

1. Open Connect Property Tax Collection > Real Properties > Modify Existing Real Properties.

2. Click to select the Property Sales tab.

3. Click Add a New Real Property Sale .

4. Add the property sale.

Sale date
Enter the date (MM/DD/YYYY) when the real property was sold.

Sale price
Enter the amount the real property was sold for.

Market adjustment
If a market adjustment was applied, enter the adjustment amount. A market adjustment is a factor that is used to adjust the real property value. The adjustment factors help to minimize fluctuations in the real property value that can occur between revaluation cycles.

Adjusted price
This amount is read only.

Adjusted Price = Property Value - Market Adjustment


Document
Select the sales contract from the Document list. If the list is blank, add the sales contract as an attachment (Attachments tab)

Transfer survey sent date
Enter the date (MM/DD/YYYY) when the transfer survey was sent to evaluate the real property.

Transfer survey form name
Enter the name of the individual or company who will complete the transfer survey.

 

5. Click Save (CTRL+S).

The real property sale is recorded. When you're done, change the owner on the real property to the new owner. To learn more, see How do I add a new owner? (Real Properties)

 

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