Selling a Property

This is the full journey of a property sale in REDA: from a brand-new deal, through the binder and the signed contract, all the way to closing — where REDA transfers ownership to the buyer for you. Along the way you'll learn the safe way to move a sale forward (let the Sales Agreement ticket drive the middle of the pipeline rather than dragging the stage yourself), what REDA fills in and creates at each step, and why a closed sale can't simply be reopened. No prior REDA experience is assumed — every stage and term is defined as we reach it.

What a sale deal is

A sale is a deal — a record on the Opportunities tab, REDA's single "deal" hub. The same tab also holds leasing, acquisition, lending, and property-management deals; what makes one a sale is its type, Property Sale. One sale deal represents one property sold to one buyer, and the buyer is the deal's Account. REDA names the deal for you from the property (for example, Harbour Villa 7 [ Property Sale ]), and keeps any name you type yourself.

The deal advances through a fixed ladder of Stages, shown as a Path across the top of the record:

Property Selection → Binder → Contract Out → Under Contract → Funded → Clear to Close → Closed Won (or Closed Lost)

Before you start

Two things need to be in place before you open a sale:

• The property must be available for sale. Set the property's Sale Status to Inventory - Available; REDA then marks it available for sale automatically. The property picker on a sale deal only offers listings that are available for sale in the matching region — so if a property doesn't appear, its Sale Status is the first thing to check.
• You need a buyer. Usually the buyer arrives as a Property Sale inquiry that you convert: converting creates the buyer's Account and Contact and the sale deal together, and sets the buyer as the deal's primary contact.

The sale pipeline, stage by stage

Here's the whole ladder: what you do at each stage, and what REDA does in response. The gates named in the last column are validation checks that block a stage change until you've filled the required field — the exact messages are quoted later.

The Sales Agreement ticket

A ticket in REDA is a short, tracked checklist for one step in a record's life. The Sales Agreement ticket — its full type name is Sales - Purchase & Sales Agreement — is how you move a sale through its contract phase. You work the ticket down its own status Path, and each status writes the deal's stage and keeps the property's Sale Status in step, so the paperwork and the property stay together.

If the contract was signed on paper, REDA won't let you close the ticket until the signed document is actually attached — and it checks that a file is really there, not just that you flipped a switch:

The Sales Agreement ticket has its own article — see The Sales Agreement Ticket for the full walkthrough, the document gate, and cancellation.

Recording the binder

The binder is the buyer's earnest money — the good-faith deposit that holds the deal. To record it, set Binder = Yes and fill in the Binder Amount, Binder Date, and Binder Title Company. REDA insists on all three together: flip Binder to Yes with any of them missing and you'll see:

Closing: what happens at Closed Won

Setting the deal to Closed Won is the payoff of the whole workflow. In one move, REDA does the work that would otherwise take a stack of manual updates:

The buyer's staged payments, if the property carries a sale payment plan, were already generated earlier — when the deal first became active — so nothing new happens to them at close.

If plans change

If a deal falls through mid-contract, Cancel the Sales Agreement ticket. REDA rewinds the deal to the stage it was on when the ticket was created, and reverts the property's Sale Status to that same moment — but only if the deal is still on the stage this ticket set. If some other process has moved the deal on since, the cancellation leaves it alone, so it never clobbers a later step.

If the deal simply won't complete, set the stage to Closed Lost. The deal becomes inactive and the property stays with its current owner — no ownership change happens, because none happened on the way in.

Worked example: Harbour Villa 7

Meridian Properties is selling Harbour Villa 7 — listed with Sale Status Inventory - Available at a sale price of 1,000,000.00, currently owned by Continental Holdings — to buyer David Okafor. Here's how the file plays out:

A Property Sale deal — the header carries the Stage field (here at Closed Won, the end of the run), with the buyer's chosen Property (Harbour Villa 7), Sale / Purchase Price 1,000,000.00, and the Property Sale record type.

The Binder Details section on the Harbour Villa 7 sale, filled with Binder Amount 50,000.00, Binder Date, and Binder Title Company (Harbour Title & Escrow Co.). The deal has since advanced to Under Contract (Under Contract Date 22/06/2026), so the binder figures sit above the Contract Details.

Harbour Villa 7 after the sale closed: the property's Owner Account is now David Okafor and its Ownership Start Date is 22/06/2026, while its Opportunities related list carries the Property Sale deal at Closed Won — the ownership handover that Closed Won performed.

Reference: stage to system state

REDA treats certain stages as active or won behind the scenes — these are internal states, not stages you set. They matter because activation is what generates the buyer's payment schedule, and the won state is what drives commissions and the reopen guard.

Where to go next

1. The Sale Stages Reference — look up any stage's meaning, gate, and system state.
2. The Sales Agreement Ticket — the contract process, the document gate, and cancellation, in full.
3. Settlement Charges & Closing Statements — the closing costs and the two gross figures.
4. Property Sales in REDA — the section map, if you want the wider picture.

Frequently asked questions