When Exactly Is A Property Sold?

Share

Via Stewart Penn – Los Angeles Condo Specialist (Penn Properties):

When exactly is a property “Sold”?

Would you regard a property in escrow to be sold, or would wait till the transfer of title has been recorded to consider a property sold?

I recently blogged about three newer condo developments in West Hollywood that had undergone price reductions but still remained unsold. The point of my article was to show that even with price reductions, these units will continue to remain on the market unless developers price these new condos in line with current “market rates”.

The Listing Agent from one of these three newer developments saw my article and was quick to email me, pointing out that 10 of their 31 units were sold. I double checked the MLS, and found only one condo listing, for sale.

I asked if he meant that 10 units were in escrow (pending) and he replied yes, but he could not say with certainty when these deals would close.

In my opinion, these 10 units are not yet sold. They are pending, under contract, or in escrow – whatever term you may prefer is fine – but I cannot consider them “sold” because a change of ownership hasn’t yet taken place.

Market statistics would be distorted if these units are termed “sold” until the new owner is on title.

About susanmorrison

After living in Walpole, MA for many years, our family was transferred to the west coast when I was a senior in high school. In 1983, I graduated from Mission San Jose High School in Fremont, California. I am also a 1987 graduate of Providence College with a major in liberal arts and a minor in business administration. I bring to the table many years of sales experience beginning with thirteen years in Corporate Sales at Delta Air Lines. I'm the mother of three children and I'm very active within the Franklin, MA community. I am also a cancer survivor and support the American Cancer Society Charities.

My husband and I have built five homes and I've lived in a variety of other locations including Toronto Canada, Irving Texas and my current home in Franklin, MA. As a result of all my moving around, I came to the conclusion that I was an expert at moving...why not become an expert on the other side of the table? I earned my real estate license in 2004 and believe that I have found my true niche'. I can empathize with my clients on a variety of levels; whether they are buying or selling. And, like so many other good realtors out there, I believe that possessing good communication skills is one of the many keys to success.

Visit Susan on Google+

Speak Your Mind

*