NEGOTIATE & PURCHASE
You make your money when you negotiate and "buy it right." To protect yourself, include contingencies that protect you. Ask for the moon! Consider the following contingencies:
-Seller financing (always ask)
-Financing
"Subject to financing under these terms _______" or
"Subject to suitable financing w/in 10 days"
May need to spell out terms
-Seller pay portion of closing/transaction costs
"Seller pays all closing costs and pre-paids up to but not to exceeding ___________"
-Inspection
Check w/ atty or real estate agent for verbiage
"Subject to inspection and approval of partner/husband/wife within 3 days."
"Contigent upon inspection and buyer’s approval of results of said inspection w/in
10 days."
-Assignment Clause
"and/or assigned" after your name on the offer
-Appraisal
-Earnest Money
Put small earnest $$ down with offer and include the clauses . . .
"$200 earnest money to be increased to $2000 when all contingencies met."
"In the event of buyer default, earnest deposit is sole remedy."
-Credit for repairs(limited in some states)
-Credit for deferred maintainence
-Require seller to prodice actual copies of leases (use to evaluate rent histories)
-Inventory of personal property (What stays? What goes? Take photos w/ serial
numbers visible)
-Always include this language . . .
"Subject to my partner’s inspection and approval of property (or all units)"
& "In the event of buyer’s default, earnest $ is sole remedy"
BUY IT RIGHT, YOU WIN!
TRANSACTION FORMS
| 1003_form.pdf | |
| File Size: | 34 kb |
| File Type: | |
| addendum_to_sales_contract-extend_close_date.doc | |
| File Size: | 19 kb |
| File Type: | doc |
| additional_disclosures_addendum.doc | |
| File Size: | 29 kb |
| File Type: | doc |
| assignment_of_contract_form.doc | |
| File Size: | 23 kb |
| File Type: | doc |
| authorization_to_release_bank_loan_info.doc | |
| File Size: | 24 kb |
| File Type: | doc |
| buyer_inspection_notice.doc | |
| File Size: | 24 kb |
| File Type: | doc |
| closing_status_fact_sheet.doc | |
| File Size: | 32 kb |
| File Type: | doc |
| construction_lien_waiver.doc | |
| File Size: | 21 kb |
| File Type: | doc |
| deed_of_trust__assignment_of_rents.doc | |
| File Size: | 56 kb |
| File Type: | doc |
| deed_of_trust_assignement_of.doc | |
| File Size: | 39 kb |
| File Type: | doc |
| deed_of_trust_with_assignement_of_rents.doc | |
| File Size: | 39 kb |
| File Type: | doc |
| deed_of_trust-special_notice.doc | |
| File Size: | 58 kb |
| File Type: | doc |
| deposit_to_hold_property-lease_option_contract.doc | |
| File Size: | 22 kb |
| File Type: | doc |
| disclosure_of_information_on_lead-based_paint.pdf | |
| File Size: | 8 kb |
| File Type: | |
| earnest_money_deposit_request.doc | |
| File Size: | 25 kb |
| File Type: | doc |
| estimated_net_sheet.doc | |
| File Size: | 29 kb |
| File Type: | doc |
| finders_fee_agreement.doc | |
| File Size: | 37 kb |
| File Type: | doc |
| form_48_property_overview.xls | |
| File Size: | 115 kb |
| File Type: | xls |
| information_audit_form.doc | |
| File Size: | 23 kb |
| File Type: | doc |
| interim_occupancy_agreement.doc | |
| File Size: | 21 kb |
| File Type: | doc |
| lender_notification-change_of_address.doc | |
| File Size: | 20 kb |
| File Type: | doc |
| letter_of_intent.doc | |
| File Size: | 22 kb |
| File Type: | doc |
| loan_proposal_how_to.doc | |
| File Size: | 27 kb |
| File Type: | doc |
| mortgage_deed_sample.doc | |
| File Size: | 24 kb |
| File Type: | doc |
| note-interest_extra.doc | |
| File Size: | 29 kb |
| File Type: | doc |
| note-interest_included.doc | |
| File Size: | 31 kb |
| File Type: | doc |
| notice_of_property_inspection.doc | |
| File Size: | 24 kb |
| File Type: | doc |
| notice_to_increase_rents.doc | |
| File Size: | 23 kb |
| File Type: | doc |
| option_to_purchase_real_estate_contract.doc | |
| File Size: | 66 kb |
| File Type: | doc |
| personal_financial_statement.xls | |
| File Size: | 188 kb |
| File Type: | xls |
| power_of_attorney_revocation.doc | |
| File Size: | 22 kb |
| File Type: | doc |
| power_of_attorney-general_form.doc | |
| File Size: | 29 kb |
| File Type: | doc |
| power_of_attorney-special.doc | |
| File Size: | 33 kb |
| File Type: | doc |
| property_management_agreement.doc | |
| File Size: | 23 kb |
| File Type: | doc |
| property_repair_cost_estimate_form.xls | |
| File Size: | 22 kb |
| File Type: | xls |
| purchase_contract_sample.doc | |
| File Size: | 48 kb |
| File Type: | doc |
| quitclaim_deed.doc | |
| File Size: | 43 kb |
| File Type: | doc |
| release_of_mechancs_lien.doc | |
| File Size: | 27 kb |
| File Type: | doc |
| rent_roll.xls | |
| File Size: | 24 kb |
| File Type: | xls |
| rental_application.doc | |
| File Size: | 40 kb |
| File Type: | doc |
| request_for_full_reconveyance.doc | |
| File Size: | 29 kb |
| File Type: | doc |
| request_for_notice_of_delinquency.doc | |
| File Size: | 43 kb |
| File Type: | doc |
| request_for_partial_reconveyance.doc | |
| File Size: | 37 kb |
| File Type: | doc |
| tenant_estoppel_letter.doc | |
| File Size: | 22 kb |
| File Type: | doc |
| three_day_notice_to_pay_or_quit.doc | |
| File Size: | 22 kb |
| File Type: | doc |
| trust_certification.doc | |
| File Size: | 33 kb |
| File Type: | doc |
