We recognize the importance of a high standard of care given to the sale confirmation process.
Sale activity, along with rents and vacancy, is one of the three most frequently tracked data elements among data providers reporting on apartment market conditions. But considerable differences separate reporting sources at the verification/confirmation level.
Yardi Matrix sale transaction research accesses all available sale data sources:
- Public records
- Building owners
- Secondary data vendors
- Publications - print and electronic
- Parties to the transaction - buyer, seller, brokers
In some counties sale prices are not disclosed, or, if disclosed, are maintained effectively out of reach. Whatever the condition, our process requires sale verification by a buyer, seller, and/or brokers when possible. When verification is not possible, a sale price is noted as "unconfirmed".
Need for care in the confirmation process is made more apparent when sale accuracy can be influenced by several anomalies:
- When an apartment is sold in combination with significant extra land;
- When a sale is a component of a portfolio transaction;
- When a sale includes other components, such as in a mixed-use development incorporating retail (office, hotels) in combination with apartments.
- When an apartment sale is subject to a groundlease.
- When ownership changes through a non-arms length transaction
We endeavor to complete these confirmations in sale detail reporting. In all cases notation is made on the sale comparable regarding inclusion of "other factors".
Sale confirmation from the time of sale recordation, until entry into our base, is dependant on Recorder access/timing of sale notice. Typically sales are entered within two to five weeks following sale notice.