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Old 06-14-2012, 11:41 AM
scraney2 scraney2 is offline
 
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Default Recording date or Settlement date

Hi All

I have come across a commercial appraisal that was used for a new loan. I evaluated it a little closer and found that most commercial appraisers use the recording date for the date of sale in the sales comparison approach. That made me think a little about the residential appraisers that are appraising for Fannie Mae mortgages. What date is used on the UAD form and any old residential forms for date of sale and if different ....why? Does USPAP have a position on this.

Thanks
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Old 06-14-2012, 12:13 PM
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I have always used the recorded date, because a pending sale is not finalized until it becomes public record (recorded). A buyer or seller can back out until they are ready to sign the deed. If they don't sign the deed to transfer the property, no sale occurs. The meeting of minds may have occurred prior to that, but the final decision isn't made until signatures are on the documents that transfers title. Contract dates are not of public record in Arizona. If the property sells through MLS, some agents but not all may post the pending date in the applicable MLS.
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Old 06-14-2012, 12:32 PM
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If by recording date you mean date of settlement then that is what I use. There is also a date that the deed is recorded with the County Clerk but I have seen that date as much as 40 says after settlement date.

USPAP doesn't say.
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Old 06-14-2012, 12:58 PM
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Different terms are used in different states. What is a settlement date? Where in public records is that located?

In Arizona there may be two different dates. The first date may be the last signature date on the purchase contract or escrow agreement. That information is not public, only the buyer, seller, real estate agent and escrow agent know what date is. Neither the real estate agent or escrow agent may disclose that date unless the buyer and seller give them permission to do so. The recorded date and time is when it is filed at the county recorder's office; it then is public record. Since Arizona is a "first in line, first in rights" state, the recorded date AND time is the legal transfer of ownership.
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Old 06-14-2012, 01:19 PM
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Typically the settlement date is the date the deed is signed and the property transfers. The recording date is the date that it is recorded at the County Office (or wherever deeds are recorded). The recording date is typical later than the deed date. The recording date typically is within two weeks of the deed date when a mortgage is involved, simply because the lender wishes to have public notice of their loan. When a loan is not involved, it is possible for the recording date to be months after the deed date in order to hide the ownership of the property and/or the transfer price.

I always use the deed date.
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Old 06-14-2012, 03:04 PM
scraney2 scraney2 is offline
 
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Thanks for the quick response from all.

In Pennsylvania, the date of settlement as noted in the local mls and confirmed in county records is usually the date the deed, note, mortgage and mortgage documents are signed. In county records the settlement date and the recording date are typically identified and can be the same day or 30+- days after. In the event the recording date shows something other than the settlement date, would you use the settlement date( Date of deed) or the recording date. I have noticed some commercial appraisal reports note the recording date as the date of sale?????? Would that be incorrect?
  #7  
Old 06-14-2012, 03:05 PM
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Date of closing is when the documents are signed and the money changes hands. The recording date could be something very different. Particularly confusing is when the closing occurs on the last day of the year and then the docs are not recorded until January making it a different year. Minor really...but confusing.

I use the date of the closing and not the date the docs were recorded.
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Old 06-14-2012, 03:36 PM
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If the date is not an important factor in the opinion of value, just the recording date. If the date does affect adjustments or influences the value in some other way, I'll include several relevant dates, including prior sale(s) date(s), listing date, pending date, and date of close of escrow.
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Old 06-14-2012, 03:37 PM
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Quote:
Originally Posted by Mike Garrett, RAA View Post
Date of closing is when the documents are signed and the money changes hands. The recording date could be something very different. Particularly confusing is when the closing occurs on the last day of the year and then the docs are not recorded until January making it a different year. Minor really...but confusing.

I use the date of the closing and not the date the docs were recorded.
Ditto
......
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Old 06-14-2012, 03:57 PM
scraney2 scraney2 is offline
 
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Thank you all for you input.
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