SD or COE

[Ex-Flyboy]

I just searched and found a little info on this but not what I was looking for.

Yes, it's for Bank of America. SD--sale date--Is this the date the agreement was signed or the date the sale was closed?

COE--close of escrow--Is this the date the sale was closed?

Never run into this before. I have always used what was in the Courthouse Retrieval System as sale date unless I knew different.

My brother says SD is the date the meeting of the minds and the signing of the contract took place and that COE is the date the sale closed.

What say the experts?

 

[hastalavista]

I'm no expert, but I'd say Bro' is correct!

 

[Ex-Flyboy]

I'd say with 2,698 posts, you are closer to an expert than I am. Thanks.

 

[Mr Rex]

This is from the e-mail from Valocity:

"Bank of America requires that you include in the sales grid, the date of the sale and indicate (CD) for contract date, (SD) for sale date or (COE) for close of escrow date." As a result, Valocity will have a renewed focus on ensuring that the sales grid is completed per the client's expectations."

Sometimes not cleaning out the inbox has its good side.

 

[Webbed Feet]

Abbreviations can confuse.. use appropriate ones.

Mr. Paschall,

Also read Fannie Mae's handbook for appraisers. Buy one if you do not have one. Section XI, 406.05 - Subsection "D" goes over this. Discussing "contract date" versus "settlement or closing date."

The abbreviations "SD" and "COE" both mean the same thing, the date the title company recorded the sale. Obviously, saying "SD" equals "Sales Date" would mean closing because until then the sale is not consummated. If you try to claim "SD" equals "Settlement Date" you are back to the close of escrow again. So I say your brother is incorrect. If one uses "SD" for contract date there are going to be confused people reading the report.

The abbreviation Fannie, and probably most everyone else, is looking for regarding a pending date is "CD" for "Contract Date." The date the buyer and seller signed the contract or the sale was considered a "Pending" sale.

I recommend you drop "SD" from your list of abbreviations and stick with "CD" and "COE" so others getting your reports are not confused.

Barry Dayton

 

[Terrel L. Shields]

Sounds Right to me Barry
I've always used this
Contract Date is the meeting of minds
Close of Escrow is the closing date
Recording dates may be several days after close of Escrow and a contract for sale may be years old.

 

[Don Clark]

Just a little twist

In Virginia, a sale is not considered a sale until the date it is recorded. If one signs a contract that is ratified, you are considered to be the contract owner of the property with the right to list and sell the property even tho you have not closed on it. We do not use escrow here. We have a formal closing. Just food for thought.
We confuse the hell out of people from other states. We also have 39 Independent City's, not part of any county. Folks in other states keep asking us for the county name. I have a 4 page dissertation I fax to them from the Library of Virginia on the subject. Wonder what they do in Washington, DC. No State or county....Hmmmmmmmmmm