(a) Every sale which is not exempt shall be entered into CAMA.
(b) The source of the verification of the sales information on the statement shall be identified at a minimum in CAMA as follows: - (i) Confirmed with the buyer;
- (ii) Confirmed with the seller;
- (iii) Confirmed with the agent; or
- (iv) Information on the statement was deemed accurate and was not confirmed through the buyer, seller or agent.
(c) All sales shall be identified as valid or invalid.
(d) Invalid sales shall be identified by the most appropriate "reason to exclude" as follows: - (i) The sale involves additional parcels, trades or common property, including:
- (A) Additional parcels (where two or more parcels are sold and the value of the individual parcels cannot be ascertained);
- (B) Trades (where the value of the traded properties cannot be ascertained); or
- (C) Incomplete or unbuilt common property, if the sale suggests the price is influenced by promises to complete common elements at some later date.
- (ii) The sale was not exposed to the open market, or the marketing time for the property could not be considered normal.
- (iii) The physical characteristics of the property have changed or are incorrect:
- (A) The physical characteristics (which influence value) changed after the sale; or
- (B) The property characteristics (which influence value) do not match the characteristics of the property on January 1st of the assessment year.
- (iv) A sale between related individuals or corporate affiliates.
- (v) A liquidation or forced sale including:
- (A) Sales involving courts, government agencies and public utilities, if such sales suggest an element of compulsion or a desire to convey surplus property;
- (B) Sales in which a financial institution as a lienholder is the buyer, unless invalidating such sales results in an inadequate sample, or if such sales constitute a major portion of the market (as in depressed areas). If such sales are used, adjustments shall be considered for any differences in price from conventionally financed sales;
- (C) Sales settling an estate, if such sales suggest an element of compulsion (such as satisfying the decedent's debts or the wishes of an heir);
- (D) Forced sales, including those resulting from a judicial order where the seller is usually a sheriff, receiver or other court officer; or
- (E) Transfers between former spouses as part of a divorce proceeding.
- (vi) The sale involved abnormal financing, land contracts, or was a sale of convenience, of doubtful title or of partial interests, such as:
- (A) Sales which involve abnormal financing (such as terms which are not normal in the market and cannot be adjusted to reflect current market);
- (B) Sales which involve land contracts, unless sufficient information is available for reasonable adjustments for time and financing;
- (C) Sales of convenience, which may be intended to correct defects in a title or serve some similar purpose;
- (D) Sales of doubtful title; or
- (E) Sales involving partial interests, unless it may be reasonably assumed from several concurrent sales, the sum of the partial interests fairly indicates the sale price of the total property.
- (vii) The sale involved excessive personal property, or any other situation which makes the sale not an "arm's-length" transaction, and for which supporting documentation is developed. Other situations may include:
- (A) When objective circumstances suggest either the buyer or seller or both were not well informed;
- (B) When data for the sale is incomplete and unverifiable; or
- (C) For sales involving charitable, religious or educational institutions, if such sales suggest an element of philanthropy or restrictive covenants.
- (viii) The sale involved agricultural property valued on productivity.
- (ix) The sale involved a situation which makes the sale not an "arm's-length" transaction. An explanation shall be made in the sales notes.