The valuer may be able to view the contract of sale and sometimes available from the law firm representing one of the parties to the transaction. However, unlike the notice of transfer, it is not a public domain document. The contract used is usually the standard form contract prepared by the Real Estate Institute and Law Society. It is important that the valuer know the most important sections of that contract particularly; the last schedule(s) that contain the important data for valuation purposes.


The contract, being the original evidence of the transaction, is the most accurate and reliable evidence of the sale. All the terms and conditions that affect value are in the contract. Being a legal document, it can be subpoenaed as evidence in a court case.


The valuer may not have access to the original document. The contract does not disclose outside non-legal factors that may affect the sale. For example, coercion on one of the parties or an unusual necessity to buy or sell.


The recorded sale price, legal description, title, date of contract, and the parties to the transaction can be found in NSW at the local council on the notice of transfer. The diagram attached shows the notice of transfer used in NSW. This is the next most reliable source of sale information after the contract itself.

See copy of NSW Notice of Transfer.


The cadastral data, date of sale, parties, and the sale information as notified, are usually accurate and reliable. Since the notice is a legal document the courts will accept the document as evidence of the transaction if the relevant stamp duty has been paid.


There can be a long lead time between date of contract and lodgment of the transfer and therefore, the evidence may be out of date. This can be an important factor in a rising market. However, old sales can be updated to some extent by using the Consumer Price Index (CPI) if there has been no substantial intervening valuation factor between the date of contract and the date of valuation. The adjusted price is called the effective sale price (ESP) whereas the unadjusted sale is known as the nominal sale price (NSP).

Adjusted sales can be charted on a Scale of Values to ascertain trends over time (capital gains) so as to interpolate the value of the subject property or a trend line determined with linear regression can be used.