Help Me With Sign Nevada Profit Sharing Agreement Template

Help me with document type sign profit sharing agreement template nevada

all right this is julie with youngblood coaching in consulting and today in our group coaching we're going over how to present offers and so if this is wobbly I'll stabilize it later on YouTube this is Joe Joe's gonna be my better all right Joe so what we've got here is your offer on the property that we pick so what I'm going to do is I'm actually going to go over the finer points with you and if there's any questions that you have I want you to feel free to ask those so this is a pretty important form okay so like I said I wanna touch on the finer points some people need a lot more and I'm okay with that too so are you okay if I just touch on the finer points okay so this is you and your wife we've got the address here we're offering 180,000 all right now our earnest money deposit that's the $3,000 that we talked about that's the money that we put up front to let the seller know that we're serious when we close escrow we actually get that money credited back to us okay we're doing an FHA loan our loan balance is one hundred and thirty seven seven our additional down payment to equal that three and a half percent is our down payment money plus our earnest money that equals a three and a half percent for a total purchase price of one EP do you have any questions on this page no question alright go ahead and sign right there for me great all right Joe now this talks about applying for the loan the good news is because you're working with me you've already done your loan application so we're gonna actually include your approval letter with the offer however this is just letting the seller know that within the next two days will actually sit down the lender fill out the application they'll pull your credit they'll take the next steps beyond pre-approval okay we're gonna check here that we actually are going to allow the listing agent to contact the lender for updates that doesn't mean they're going to give out your personal information they're just gonna let them know where we are in the process does that make sense does it make sense okay so it's important actually it lets the seller know that we're serious and that we are confident in letting their agent talk to our lender now we aren't doing a cash purchase so this doesn't matter I do want to talk about the appraisal this is the section that discusses what happens when the appraisal comes in so if the appraisal comes in below the sales price we've got a couple different options one of the options is you as the buyer can pay the difference in cash the stellar can come down to the appraised value or we can renegotiate the price sometimes we meet in the middle and sometimes we cancel the deal okay does that any questions on that that's pretty so when that happens you and I will work together on that so that you're very comfortable with what's happening okay the good news is that the purchase of this home is not contingent upon you selling another home in order to qualify fixtured some personal property this is all the things that we're existing in the property it's all pretty standard it covers the window coverings and the fireplace great in the landscaping I went ahead though and I added in the refrigerator and the washer in the dryer because those were in the MLS any questions on that I'm quick it goes in the sign for me great now escrow I've got a title company that I work with they take excellent care of my clients that's fidelity so I'm gonna go ahead and put fidelity national title here and we're gonna work melissa moses this is the third neutral party that actually takes all the paperwork they put it together there they're going to help you with signing loan documents they're going to hold the money their third neutral party okay so they really help facilitate the transaction they're going to hold the earnest money for us close of escrow it says we're gonna close escrow on or before January 16th now I've talked to the lender and they say they can close this FHA loan that quickly normally what I do when I'm filling out the offer is actually called a lender with the buyer there and I say okay we're writing an offer FHA when can you close so I let the lender tell me because they're the ones that have to order the appraisal if to flip two appraisals they're the ones that have to go through and underwriting in Yatta Yatta Yatta okay a lot of this stuff is kind of standard and if it applies to you I'll talk to you about it title insurance we're getting the standard title insurance policy preparations and fees I split this up the way that it is typically done in the state of Nevada so you're gonna pay your closing costs and the seller is gonna pay their own closing costs make sense make sense proration basically what this talks about is when you own the property that's when you pick up certain bills for example sewer trash homeowners association dues those are all gonna be prorated so the day you own is the day you start paying make sense you soon give any questions on this so far no all right now this parts pretty important this talks about inspections and we're going to get into the due diligence period in a little bit however these are all the different types of inspections that we can get on the home I always recommend that we get a structural mechanical inspection and so we've gone ahead and check that and we'll have a certified home inspector do that for you and that's to be paid for by you typically here in Nevada the buyer also pays for the appraisal it's typical that the seller pays for any transfer fees on the HOA so we're gonna go ahead and wrap this up clean the way that's pretty standard in our state just to make our offer more appealing any questions on that section no ok now certifications this section really almost doesn't apply anymore there used to be a time where if you were an FHA buyer it was required the seller purchased a roof certification and what that would do is we have to hire a roofer they climb on the roof they say yes I certify that this roof is good for three more years now if based on the inspections the home inspector says you know what you really should get the roof looked at you can say you know what I do want to get the roof looked at and now I want a roofing certification on top of that we've waived those however you if you do want any type of certifications those would be paid for about you next is a pocket correct so there was a time when it was pretty mandatory the seller paid for certain certification however not so much anymore hmm now the seller additional cost and limit of liability this is what we're going to ask the seller to make repairs so based on our inspections mister seller we're asking that you repair anything up to X amount of dollars based on this price point I put five hundred dollars so what that means is that the seller is agreeing to if there's five hundred dollars worth of repairs that they will make those repairs or credit us at close of escrow if it goes over that let's say we find out the Foundation's cracked and that's going to cost fifteen thousand dollars to repair the seller at that point it doesn't have to make that repair and we can actually cancel the deal okay that makes sense that's my house correct now to make your offer more attractive we put a zero in there so we're not essentially going to be asking for oh my gosh that must be your wife she's very excited so we've put a zero in here because we're not going to ask the seller for any repairs do you have any questions on this so far no it's perfect go ahead an initial point okay lender and closing fees now this is where we get an opportunity to ask the seller to pay or contribute towards our lender fees we're gonna actually put a zero there because you and I have talked about and your lenders talked about what exactly you're gonna be coming to the table with based on these numbers we are asking for the one year home warranty we're gonna ask the seller to pay for it with HSA lets loose the wall deck not to exceed three hundred and forty dollars that's pretty standard if you had a pool and you wanted the super upgraded package it would be six hundred dollars so this is good because this ends up helping cover the property on any major incidentals that could happen for example if the AC unit breaks down three weeks after you move in you've got a home warranty there that'll help protect you does that make sense does okay transfer title this is just saying that escrow is gonna do the title work and we're going to have a clean title transfer deliver so we no liens or anything like that on title when you get the except for a portion of mortgages common interest communities I do want to spend a few minutes on this because we are buying in a homeowner's association the way that that works is that the seller is required to provide a package to us it's called the resale package they have 10 days to get that to us once I receive it you have 5 days to approve it this is gonna be our pretty much our last loophole to cancel the deal Joe you're gonna think this is weird I'm gonna do everything I can to get you into this house and once we've got it I'm gonna do everything I can to kill the deal that's why I'm a little different than most Realtors I'm gonna make sure that you are aware of all of your loopholes and this will be one of our last loopholes to cancel the deal and get your earnest money back makes sense ok so I know this is overwhelming the good news is I'm here to help you with those time frames ok disclosures there's a couple of required state mandated disclosures one of that being the seller real property disclosure form there's no other disclosures that we're going to ask for up front except for that I do have a Keller Williams buy your disclosure that I'm going to have you sign so the seller is saying that they will within five days provide us with the seller real property disclosure form I know that's a big word it's a lot of words it's a form where the seller discloses what they know about the property and based on that you can cancel the deal do you have any questions on this page so far none okay additional disclosure this is where we would disclose if you are a real estate license e or if your wife was or anybody that you're related to are you related to anybody who's a realtor or a real estate licensee no you're not ok new construction that doesn't really apply to us airport noise this is just to let you know that we are next to an international airport there's a airport in North Las Vegas we do live next to an Air Force Base so from time to time you're going to hear or see airplanes federal floor housing just says we cannot discriminate buyers due diligence now we're gonna put ten in here the first ten days are gonna be hectic okay I just want you to be prepared for that this is the time where you and I get to decide if this is the house that you're gonna move forward on so all those inspections we talked about we're gonna get inspections done anything you want to get done figure out about that house we're gonna do in the first ten days nice that's your time frame to go through and make sure this is a how she want to invest one hundred and eighty thousand dollars into if you wait until after that time you risk losing your money so I'm gonna be really aggressive with you those first ten days okay okay property inspection and condition this is where we recommend that you hire a professional property inspector okay this is also to let you know that I'm not a property inspector and that if I told you something was wrong with the house or that if something looked good with that house that what you can't homie liable for it do you have any questions on this preliminary title report the title company's gonna do is called a preliminary title report it's gonna be a map of the property is going to show us the lot lines it's going to show us what's on tonight it's gonna show us what's going on we're gonna look it over and see if there's anything we can't live without pretty simple I'll walk you back now about three days before we close escrow and you and I are gonna schedule it's called a walkthrough we actually have like a three page checklist we're gonna go back through the house and if there were any repairs to be made by the seller we're gonna verify that those repairs were made and we're gonna make sure that the house is in the same condition as when we saw it this isn't a cosmetic walkthrough this isn't where you get to decide oh I don't like the color of the wall so I'm going to cancel this is just to make sure that the home is in the same condition as when we bought it in other words they didn't remove the cabinets and drain the pool and you know flood the laundry room make sense nuisance okay delivery of possession says that a pond close of escrow we want to take possession of the property if for whatever reason the seller doesn't move out we were going to charge them $250 a day okay that's excessive but especially it's about here hello risk of loss what this says is that the house burns down you're not stuck buying it gradual assignment of this agreement you as a buyer can buy this property and or assignees and actually assign the agreement to another buyer if the seller needs to approve it cancellation of the agreement I want to talk about this if for whatever reason we default and we decide we want to sue the pants off of each other we agree to mediate first which means we'll go down to the Board of Realtors they've got a great mediation program set up and we actually work with each other to not see the pants on okay if the seller defaults you can actually sue them for what's called specific performance of course them to sell the home however I don't recommend that I say we just go find another house so there is recourse for you though if we if we're 30 days into escrow and you've got a house packed up and your lease is over and yada yada and you're thinking you're moving into this house and the seller cancels for no good reason sure you can actually force them to sell you the property any questions on this it's interesting no you know and mainly let's pretend this hopefully you want to use now if you default we've got two options if you default and it's outside of any one of those reasons that you can cancel like the CIC package or the inspections two options we can either let the seller to keep your earnest money as your I'm sorry for defaulting or they can actually itemize and cocky for specific expenses Wow so I always recommend let the earnest money do its thing yeah this could add up this just talks about escrow escrows a third vitro party they don't want to be held liable for anything I don't want to get sued for anything and they're gonna do what we tell them because that's pretty much what they do they do say here that unclaimed funds if for whatever reason sometimes buyers when you when you wire your money in and they pay everything sometimes on how the people know dollars left if you don't the money they'll start hurting you interest on it in that crazy news broker fees this just says that the fees that were agreed to at the time of the listing with the listing agent are those are in those are in place nothing changes and as a matter of fact the listing agent is going to be paying me my commission now this is where do you member when we decide that by a brokerage agreement and I have that additional Commission on their sex via their agents so this is just letting them know that you as the buyer are paying an additional permission to the buying broker and waiver of claims actually goes into the next it goes into the next page this just says that you understand that I'm not home inspector and I'm an attorney and I'm just a realtor and it's gonna sound goofy that I'm gonna say this but basically I'm an idiot and everything I say you can't write I can't believe I say that and I do okay other matters this is definitions look I do this all day long every day so I'm gonna say things like Co II and clothes are um HOA and CIC and yeah and you're gonna say what in the world is all that here's where you go this is like your glossary signatures delivery and notice first off signatures don't have to be originals any more faxes when they received that's considered delivery and t e same thing with a postmark date 1031 exchange we're not doing that here that's a tax-deferred exchange if you're for example if you were selling one investment property and you wanted to defer the taxes you take the the money you would have made off of that and you put it into a like property so you defer paying taxes on that profit not the case here any questions on this so far none great all other terms times of the essence everything must be in writing this is legally binding contract if you have any questions or if you are uncomfortable with this I highly recommend that you talk to an attorney before you sign the final page okay I'm not an attorney so I want to be clear on that we don't have any additional addendums any additional terms this is where I'm signing that I have received your earnest money check so this is your receipt any questions on that all right this is where we're gonna sign our offer this is where it discloses to you who works for you me and my broker this is where the sellers going to address our offer they're gonna accept projector counter they'll sign this is their broker information this is where they're going to disclose it they're in real estate or not the sellers and this is what we're going to initial any questions on this last page so far so good so go ahead and Ischl and then stand right there all right Joe and you'll notice that I have giving them 48 hours to respond so I'm gonna go ahead and submit this offers for listing agent and so today is Monday which means we should hear back by Wednesday at 5:00 p.m. so if you don't hear from me before then it's because I haven't heard from them you will hear from me first thing Thursday morning beautiful