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Out of contract properties

A property that is marked as out of contract or referred to as a VNSW property will be drawn faintly in the search results, and will have a banner displaying the fact that it's out of contract when you drill into the property itself. So what is an out of contract property?

When MVOW imports a sale, it may be that the property doesn't yet exist. This is likely to be because the sale has arrived before the PE supp is completed, or even before the PE supp arrives in the first place. In this case, MVOW will create a "dummy" property that consists of the information that's available in the sale, but no value records will be created. The property entry isn't much use, but it's enough for you to be able to work with the sale. These property entries are marked as "out of contract" because they're not there for you to value, and from VNSW's point of view, you don't have them yet.

When the PE supp is completed, the property is converted from out of contract to in contract, and it will have the values you provided in the supp. It's at this point that you'll want to apply factors if you're dealing with annual values.

Sometimes, VNSW cancels a property before you get the PE supp. Under these circumstances, you won't receive a PX supp for the property, because you never found out about it through normal channels. If, however, you were provided with a sale, and an out of contract property entry exists, what do you do with it? You have a couple of options, because these properties won't be exported with the annual values, and they won't contribute to your stats. So you can either ignore them, or mark them as cancelled.

The cost of marking them as cancelled is that you'd have to visit ValNet to find out whether the PID exists in their system. Obviously, you wouldn't want to cancel a property that was still active in Valnet.

Ignoring them is easy. If you get a property data file from VNSW, and you import it, then the PID won't exist on that file, and your "out of contract" version will at that point be marked as cancelled.