Sign Virginia Travel Agency Agreement Safe

Residential contract form

good morning I'm Rudolph Brune from Street Realty and today I'm going to show you how to fill up the contracts the process agreement on Form simplicity and we're going to fill up the as these contract so when you have find a property for your client and they want to make an offer where do you go so the first thing you're going to go is find the listing that you're you're going to sell and you're going to click search when you click search that will takes you it will take you here and you're going to scroll down and click for simplicity so for simplicity to program where all the documents or template domains will be here and all your your console will be in there so you're going to go to library we will open all the blank form and what we want to do we're going to find the as is contract so start typing the beginning of the world as is and then the as this contract will show up right now so you click that contract and the contract will open the separate windows okay once it opens you'll contract that as a be 30 page total and you have to fill up every single blank so the first thing is make sure your contract so when the ads is residential contracts and that's to buy a piece I mean a house if you were going to buy a piece of land out that will be a different contract now for everybody I am NOT a lawyer and not here to advise you or explain the contract just here to help you fill it out and if you have any questions I'll try to help there is a class with the realtor Association at eff car and you have a couple of lawyers that go over the contract and I think all agents should actually go and to that class so that will explain the contract also I will advise everybody to to read the contract we really well and understand it and because you're kind of always have question and that's what I will do okay so the first thing you're going to do is on line one you can find the sellers name so the sellers name when you go into your listings you can click the tax ID and the tax ID you will take you to Flagler County property appraiser and here on the first line on your name you will find his name right here so you'll what I do is I copy it and then paste it on to the contract like that there is no like that there is no typos or there is that won't be my fault um buyer here you will type your buyer so since this guy's John Doe that's on line two then the next line you have to fill out is the address the property legal description and parcel number so the address same thing I go back to my MLS sheet and I will select the address copy that go back for simplicity and paste it property is located in here you have to enter the county name so on this one will be flagler equals engine Volusia wherever the property is then you need to fill up the parcel number parcel number you go back your tax sheet and parcel number is located under to this date so you copy that now Lego description the little description is same thing it's in the tax Flagler County we have it right there on the right under legal information you copy this today the computer is giving me our time all right copy it go back to legal description and you paste so here you have the property information that's really important because everybody is going to read that the mortgage lender the title company all personal property that includes all the fixture of the house at range refrigerator all the appliances that does not include washer and dryer so if you want to make sure your your buyer gets a washer and dryer you will have to include it in the contract now if you can have more personal items that you would like to be including in the self what I will do is I will have a separate agreement because you don't want to have that into the real estate agreement a lot of time mortgage lender want one like that and they're going to ask for an appraisal value of that personal item so if you want to avoid any too much trouble write a second agreement now if it's a cash sale that's okay you can just put it in there but as soon as you have a mortgage you need to be careful now on line 26 that's where you will enter your purchase price so that was listed for 249 let's say my client wanted to offer 240 so I want 240,000 then we got to put a deposit in there the deposit can be anything you know in can be $10 can be 5,000 it can be 240 in this case we'll say that they put it to $5,000 and a lot of time we used to have the the buyer gives you a check you give the check to the escrow name that you can do that or you can also deposit it into the escrow account or do a wire transfer once all the contract has been signed and so usually what that's what I do that avoid troubles line 32 33 34 that we are going to put the title and escrow information so let's say it's ABC tyro that's where you will put the information their email address sensing their facts additionally posts if you agree if you sit you buy or eat you put an additional deposit after the inspection period that's where you will enter it this case let's say we did not agree so I will put non-applicable and here we'll enter zero line 38 finance 6 financing if you buyer is getting financed that where you put your loan amounts so let's say we are getting $200,000 loan amounts also I usually enter 0 ah if you was getting to loan you know she was getting maybe a gift from somebody maybe that where you put it I rarely use action don't think I used it but I'm sure there is the point to it then here we'll show the balance that will be the balance of the down payment because you paid 240 get $5,000 deposit and it gets another one for 200,000 so we have $35,000 that is balanced that is not the balance on the purchase price and that's when you will have to bring that with close of escrow process closing costs on line 45 that's where you will put the time for acceptance so today is September 8 so let's say we give them two days so they have two days to answer to ensure that that offer closing date let's say you want to close in 30 days so you will pick that day maybe all right we're crossing number of November 14 that's where we get make sure at the bottom on the left you get by your initials and on the right you have serious initials so make sure that all that our initials when it's when the offer is accepted okay in case of forced med major uh if you call not close because of like a hurricane or some storm that you have 14 days after the the actual closing date well after the closing date from the contract you can have an extension of 14 days usually I leave it blank and keep the 14 days if you want it to put something different then that's what you will do if you want to put 3 days 20 days 50 days whatever occupancy position if the property is leased and subject to release you will check that box if it's not if it's unoccupied or if it's empty then don't check it assign ability most contract most of the time are not assignable uh but that were you will assign it that you will check that box or if you want you the contract to be a sign to be able to do bio me or sign the contract and you will check that box it set around cetera that's where you will go financing in this case okay if you have a plat cash buyer you will check that box that will void the financing contingency if you need to have a mortgage then you will check this contract is contingent on by obtaining a written loan commitment in this case will be a conventional loan you do a conventional FHA VA all type of loan we'll talk about a different different time then here you will enter when the loan commitment Dane's it's going to be so let's say we'll have 30 days to get a loan commitment for from a mortgage company and the loan that they're getting they want a fixed rate and for example let's say it's five percent and for the term here you wanna chose the term of the loan it can be five years 10 years 15 30 36 days whatever you whatever you decide then by Osho maker mortgage loan application for the financing I hope that when you take your buyer out and start looking I hope that they already filled an application and they already pre-approved because you don't want to waste your time so usually here I entered on that mean already that's already been taken care of and you don't worry about that but if you don't have someone already applies that where you open the day usually it will be five days after this contract sign assumption if the loan or if the owner add a mortgage and that loan was assumable then you will and you want it to our use that assumable loan then that's where you will check those box it's rare to find some but there is some out there your closing fee those houses their closing cost and the buyer closing cost if you want to add something here like for example we have a transaction fee at the office that where I'll put it so I want to read the real G title evidence and insurance if you have a short a short crossing let's say you have a couple of weeks so week closing then here you will change that to a shorter time otherwise just leave it at 15 days but you can put five you can put whatever whoever you want there don't give them not enough time or too much time to take a look at it now sailors show lacing it closing agent usually we check that box because that gives the buyer consider will pay for the lenders not on a no policy just the seller will pay for title insurance if you check that box so that save money for your buyer but if your barton care and wants to have its own closing agent that where you will check the box miami-dade broward ratio provision doesn't apply to us cause we're in Flagler cap but if you want to sell to us in Miami then you will have to check check that box Oh Marty if your buyer or seller one so one or if you buy a 100 Marty you have to decide who's going to pay is that the buyer or the seller let's say we ask the seller to pay for it here you will type the company name alright and that will be over and here you will type the estimate cost of that plan if it's not I pick nobody you if the buyer doesn't care and the seller doesn't care it doesn't want to pay then just put non-applicable in both of those brain special assessment if you check the first box that means the seller and the buyer the special assessment will be prorated from the front closing so usually enter that box if if you want the seller to pay for the full assessment then you you will check this the box below I can say I'm not going over the contract in detail just one you choose to see where you have to fill it out if you want to learn more about the contract go to the Realtors Association and they can schedule you with the class and it's a graphic it's a couple of lawyers that explain the contract in a case that you're in a flood done and by your decide buy or find out that it's in flood zone in nice and you need flood insurance if you want it to cancel the contract you will have to give you your you'll have to deliver written notice to the seller within in this case twenty days so you can change it to a few days you can change it ever you like property inspection and right to cancel this contract is the nicest contract meaning that we can the buyer can have an inspection done and during that inspection period you can either ask the seller to fix it or you can also decide to cancel because of the condition of the home so that where you will put your contention saverio so it's it's 15 days if you left blank if you want to do a shorter one if you want to seven days or if you want longer that's where you will enter this case our owners and ten days sorry Zack um just really slow this morning and you're gonna get there okay page 11a dander an additional term if any of those condition apply if it's a condominium if as a homeowner association if it's cetera finance if you have a mortgage assumption if you're doing an FHA VA financing if it's a pre if you have an appraisal contingency then you will check each box that is applicable and you will have to go in through your library again get the form and fill it up and add that with the contract additional term this is where you will ask for anything let's say you want to have the seller remove a tree from the yard or you want to have the sir pay for some closing costs so here's that what we're going to ask Sara country $5,000 tours by your closing costs so that's where you will ask for anything and down so if the seller counters your offer you will usually signs your friend and check that box and if you want to reject it that where it will reject it so leave those two box alone when you write the offer make sure that every page of the contract I initials buy your buyer and once you get it back from the studio make sure it's all initial also from the state on the set aside now that's the last page of the contract you need to make sure you buy your signs dates and the zero to that as well by your address and cell address fill out the bio address the seller will can just fill it out himself and then here since if you're the buyer agent you'll put your name here put my name here and you will put your company name and then if you're releasing agent then you will put your name here so let's say call them Virginia shrimp oh um and let's say that ABC Realty so that's what you will do then next at the bottom of that page you do have initial a lot of time people forget about those two but you get an initial velocity initial here service initially there and when you're done you save because you don't want to have to fill it out 20 times so your save call it test save and so that will save those document when you go to active file that where you'll find your document okay I hope that helps if you want to print also if you want to print that were your print you click print and you'll be able to print the contract so hopefully I hope that helps a lot of people and if you have any question you know you can always call me so have a great day bye