Email Signature Chores Agreement Template Made Easy

Email signature chores agreement template

[Music] okay take just about ready to get started you can do this alright so today we're gonna cover you got something to write on yes a pen pad everything good awesome way to cover contracts and what you should know about preparing one presenting one understanding one what I did was a new agent was I I filled out a fake contract and I kept up with me so every time I would have to prepare what I knew how to prepare and I would on I would read it so I could understand it that way when I present it to someone it would be easier for me to do so because I already went over it so many times so I went over it a thousand times so that way when I was presenting I was comfortable it was much easier process because if you don't if you don't know it you're gonna sound uncomfortable and they're gonna pick up on that right away they're gonna big I think I have to see my attorney first before I sign anything because they're not gonna think that you know when you talking about so now we're gonna go ahead and start see if we could get this under way okay so let's eat bubble be vaping anybody online I think there's a couple people who are going to join us I think we've been check that real quick getting a minute to join then belong there yeah and the share it to them real quick yeah people engaged right so first thing we're gonna cover is the regular standard sales contract if you guys need the bunch up a little closer to see it here on the screen you guys follow me you guys can do that so first of all how do you find the sales contract where do you go to find it right obviously a lot different people might use different ways of doing it but the simplest way that I've found to do it it's just keeping everything in your drive and then from Drive you can access the documents and you can fill it out with a PDF or a PDF right or you can use you know like people like bub or or hellosign or any kind of people you could there's a thousand let me get download for free the one we use mostly here I think is a hub it's what the agents like to use so I'll show you guys how to do that so first thing you do is you go into your drive everybody has Drive the way you access your drive would be by going into your email then finding finding these little nine boxes once you do that you would find your go drive and it brings you here then you will type in to the search column real estate forms click on that and then that's gonna bring you to all the forms are gonna need it real estate all the ones you're gonna ok from there you're going to go to buyer Docs you're gonna click on buyer Docs and you're gonna see the follow ok first thing you're gonna see here is a blank contract so I'm gonna open that up so I can show you guys how to understand okay all right so now what could contract the first page of the contract this is a debate again so majors would say that this is the first page some agents would say that this is the first page right but either way if you want to get technical this is opinion 26 million 2016 alone it came around a long time ago I'm sure was developed by a bunch of attorneys because whether it says on the first page is that either you are going to be using an attorney or you're not gonna be using an attorney you don't use an attorney you're waiving your right to the 3-day attorney review period okay first in the first section here is gonna ask you how you're representing the client but if you were if you're drawing up the contract that's asking you are you representing the seller and not the buyer are you representing the buyer and the seller are you representing both the buyer and the seller that would make you a disclosed dual agent and then you have the last one that says neither of the seller nor the buyer that would make you a transaction agent in this office were disclosed dual agent so we always have to make sure that we disclose that to them when we are presently representing both buyer and seller any questions so far all right then later on in this page here is gonna it's gonna explain the importance of knowing that if you do have an attorney where you're signing today is not a contract it's only an offer or an intent to purchase that property and then after you the seller has signed it both the buyer and a seller have a three-day right in which they can take this offer to their attorney and they can make changes extended to any review period as long as they want to and do anything you want which is agreement they can change it totally if they wanted to okay so don't have them get too caught up in what you two caught up and what it says here and because if their attorney doesn't agree with it he's gonna change it anyway so you know sometimes people are really hard to like trust you and what you get in the sign you need to sound this and this is really nothing this is presenting the offer this is a place keeper your attorneys gonna change everything anyway next page on the next page you're gonna see here the buyer section so if you've got one buyer we fill out one spot two bars two spots so on and so forth if it's an LLC you put the LLC's name okay you can put the LLC's name one two three LLC and you can put you know managing member Jim Thorpe you could whatever you want you can just that's the Bob next you'll see the address is important for your bio then you have the seller if you don't represent the salary and a lot of agents on the MLS you're gonna they're gonna write in the MLS sellers name on file or care of you know Remax or care of the Prudential whatever it is that wherever's representing the seller do you mean that disclose that's you for one reason or another they're being private about it a long time ago agents used to disclose owners phone numbers on there too because they used to make their own appointments like Jim if you want to show a house you'd call the owner and set your own appointment nowadays they don't do that because if your listing expires the other agents have access to see that listing call the owner we can get the listing after it expires from you so now they don't put the owner's name they put either their offices phone number or they'll put showing times phone number and then what they do is see were in the habit of not disclosing their owner's name because they didn't want you to contact them afterwards right so now when you have to do is take one extra step and you just have to go to any tax record whatsoever you can go to tax records on the MLS you can go to the tax records independently on another website and I know it's going to show you who the what the sellers names so you get that information you put it right here where it says seller and then whatever address is disclosed on the tax records you would you would also put that right here just right underneath you have a laptop with you yes you have access to Google Drive to our go to our Google Drive no no let me show let me share this with you so you can follow lunch right to create an email interesting give me your email that's when you were born yeah I graduated okay good all right so we're in the blank contract but now we just started you skip the first page but you can always check in later so on the second page you're just getting started with the basics buyers sellers information then we're gonna figure out underneath it what the correct property address is sometimes we have probably I'll just as a say like you know 110 Main Street but it's actually 110 that's 112 ministry so whatever the actual property on just your finance tax records is that's what you want to put in you underneath that you're gonna put what town is located and so might be you locating Scotch Plains and Warren wherever the case that is you put that here then the county in which it resides then underneath that you would put in a block and lot number this is important because this is on the actual legal address of the property if you don't know what it is you can always find that in the tax records blocked okay next underneath that we're gonna find here on our first line we're gonna find that we're going to have to put a price that we want to offer on this phone alright so how much do we want to offer it's whatever let's say for argument's sake we're making an offer of $100,000 that $100,000 would go here and I think what would probably serve us better it would be to actually open this up with backup so I can actually start filling it out for you guys maybe that would give you a better visual okay so what we have here is the sales contract let's see maybe a little bit better yes perfect alright so here you're gonna see that we have the offer in which we just pull up our little text tool we want to write in a hundred grand for this property then after that we'd want to put in how much is our gonna be our initial deposit so when we meet with our client they're gonna say you know I want to buy the house so what do I do next out right well you need to bring me a posit or at least a thousand dollars to present this offer if there's multiple offers and there's like a multiple bidding scenario you want to make that initial deposit as high as possible so if your clients putting 20% down they should have no problem putting five or ten thousand dollars as a first deposit it shows them how interested they are in the house so just say this person here puts in in the vibrant as their initial deposit because they're really interested in this house because they found out for a hundred grand and that's impossible Mountains next thing additional deposits alright there additional deposits are required after a certain period in which everyone agrees to accept a second deposit most times that's after you're out of a Turner review if it's a short sale sometimes it's active shorts I was approved it depends on the scenario so most times 90% of times you guys probably gonna collect it Apple attorney review so if your clients putting let's say 20% down on a hundred grand that's that's $20,000 he's already put down a five I would I would get them to put down the rest of the money you know why because as a buyer if I have 20 grand into a deal I'm less likely to want to walk away from that deal okay if a thousand bucks is the only thing you've collected from your client that's all you're quite to throw out the whole deal if there's a leaky faucet they might be like oh my god it's in their world keep my thousand bucks I don't want to buy this you know money pit so the more money you can get them to put down you're doing them a favor you're not conning them into keeping the house but you're doing them a favor by keeping their ground a lot of times they don't understand every home is gonna come with you know you know Jim or anyone any homes gonna come with repairs unless it was Bill yesterday and even those home sometimes need repairs yeah so try to get them to put in the balance of the deposit so let's say it's 15 grand they're putting into that then let's say they're getting a 80% loan to value right we just said you're putting 20% down so that means what's the balance that they are gonna get from a mortgage that's what the next line is asking so it's a V drink which means that at closing you don't have to bring absolutely anything all the balances and all the father's to be good so they don't need to bring any additional funds keep it at zero and we have if you look at it we have a hundred grand we have five thousand first deposit 15 grand second deposit 80 grand as I'm coming from the mortgage company and zero coming from the seller I mean the buyer I close all right now we're gonna go and talk about the next page where we have the first question and is the initial deposit initial deposit is important because it can get you in a lot of trouble if the initial deposit is going to be given at the time where you preparing the offer then you can mark down that the buyers the participating agent which is the buyer's agent if you're the listing agent and your company's the listing agent then you can put down listing broker if your approach this opinion broker if you're another if you're an agent for another company then you have to put down that the deposit was accepted by the participating broker and then here you're gonna put down when you accepted it or when you expect to happen okay don't be scared to put down the date in the future if you don't have anything if your clients like oh I'm coming back from the Bahamas this weekend just put the offer in for me I'll sign electronically you know that person who's like I'll give you the check on Monday so you would want to put on in here that I don't have the check today I'll have the check on you know 917 2018 it's okay if you do that because as long as you disclose you don't have it your front butt problem lies when a lot of agents they put down if they have the deposit because the buyer snapshot a picture of the deposit with their cell phone is centered to you doesn't really mean you have it because if something goes wrong and you claim to have that deposit you never collected eight and that deal actually moved for and that buyer gets sued for not closing on a transaction they're gonna look to you like where's $1,000 your home I don't have it but you claimed you had it because you wrote in the contract and your question yes yeah you can or you can write that in you can write it in here upon accepting you can put in here upon acceptance and you don't even need to be the the person collecting it you can make the buyers attorney collected so for instance if I have a father who says and they they never do what I'll do is I'll create an addendum this is like worst case scenario when everything fails to create a denim seating you're not holding a deposit and at that point you would get them to give the deposit to their attorney because if you collected it so far out it's almost like borderline coming because you shouldn't have put down in the contract you can category didn't have it absolutely and then when you go to closing I know what happens to me we get busy we forget to ask for the escrow money we go to closing and the attorneys look at your cords their escrow check oh you got three busted you know so if they have it then it's one less thing you have to do later on that's not a bad idea additional deposit so that extra fifteen thousand and we spoke about when are we going to collect that deposit we took like that deposit after attorney review so we could just type in here very simply after attorney review or we can or we can put in here after four to approve whatever it is that you want to make a date you can make an actual a date you can make it you know collected on 9:25 2018 you can you can say it's gonna be collected by that date whatever it's gonna fit your transaction best yeah exactly what some people used to do before is these two saying they used to write in there very vaguely after attorney review like what I explained and they wouldn't really comply with it because aflatoun review means any they're closed when some people will do or some attorneys will do is they'll specify that if you just put in a paternity incorrect that kind of protects you in a way because if you never we put it set date anyhow we collected it yeah it still gives the opportunity to like if we're gonna be holding that deposit we were put in here and I mean we were put in here in this next line but the money is gonna be held in the trucks the counter culture estate or if it's not gonna be held by us that we would put in here by fires attorney or we would put in if it's uh if it's an REO bank a lot of times they're gonna want us to give it to the sellers idle company or seller's attorney so we just really have to know what the terms are gonna be you know the attorneys are gonna change it afterwards so if you're holding a thousand bucks in the office the attorney may request that right after the closing I mean right after the attorney review period so whatever whatever they're gonna request just make sure you you pass that information along to the office okay next one here in a paragraph D it's gonna ask you how much is the principle mortgage how much I get a loan well I did this fifty guys already so we know it's 80 grand okay what type of mortgage are we taking out I did a VA you know that a veteran that's getting this loan and they're going for a VA loan is it first-time homebuyer was getting an FHA loan is it a conventional loan or is it other a lot of times we work with hard money so hard when you work I fit into this category the other category I would I would type into this little box or put an X and now we just set them here private mortgage or our money probably mortgage this sounds a lot more cleaner than part of money especially if you're presenting it to an agent who's never dealt with hard money they're gonna say what kind of funding is that you know then you have this whole other hurdle you not to go over by educating the other agent so just put that you don't have to get so caught up on um you know what's the terms of your mortgage and how many years is it based off of that's really not that important you know they put it in here insist and make it look fancy but it's really not that important next thing you're gonna see here is when are they gonna get their mortgage come in and buy this is important because if you're going up against another buyer quickly you get a more ways to better for the seller so if you know that your mortgage rep works fast and today's the 15th what's say is day 15 today's a 15 thing you know your mortgage lender is going to be able to close this thing soon fast cuz he has all his documentation collected he may have a he may have a commitment as early as 9:30 2018 so you may have some a commitment to land on his home within the next two weeks and is that pretty reasonable for commitment times two weeks it's pretty fast right you waste a month right okay so now I give you guys to give you guys more time give it three weeks a month yeah absolutely so that could help you and they could hurt you because the replicants so their offers and you put a quicker commitment date that can help you get the offer accepted but could also hurt you like and I said if if they want to hold you to the letter of the contract if you don't communicate by that day to the start where the determination of the concept you can put in there all types of you know restrictions they can make you they might be able to do a time of the essence if you don't have it you know it could be it could be a lot of things that could happen if you don't meet that date so really be careful about the day you're gonna put you if it's really a realistic two-week commitment they need to put two weeks all right paragraph II you're gonna see here that we're going to have to put a time on which we're going to close so if it's a slam-dunk deal 20% down you know is that vanilla deal you might be able to close in 3045 days then you can put that you know closing on you know 10 30 2018 okay and it says it can cause before that doesn't mean that oh it's not put you know more than ample time in my bars I know no I want to buy it before that I want to close before it you can it's up to that day you can close any time before that so just explain that to them all right next thing you need to worry about if there's any items included or excluded in the sale then you can add that into the next following paragraph under under line 107 paragraph 6 or paragraph 7 so let's just say someone has a really fancy chandelier and you want it your client wants it you would have the put the chandelier was included in the sale of the home or if they want to watch yeah and that's where some ages get in trouble because I need you to take a listing and put down that everything the house phone at house has in the listing such as I Viking stove and you know Thermidor refrigerator and come to find out the seller wasn't going to leave those fighting appliances they were going to take them because a home doesn't have to have a refrigerator that to be financed I mean the stove so imagine if at $8,000 though a refrigerators taken and the sellers like I wasn't gonna believe that and if you do if you do what Ana says as for listing you know it said in the listing home has Thermidor a refrigerator you know so then that would be an $8,000 you know chores is someone do you know I like do it I to the other agent you know I could fall on you if you don't put it in its always be careful with that so that's good next thing here it's a certificate of occupancy in Sony compliance okay this this line right here what this thinks is in the event that the buyer or the seller is responsible to obtain the certificate of occupancy they have a limit of threshold in which they can cancel the contract if it costs too much to obtain the CL so if it costs you but to say you put in here $1,000 if it costs him more than $1000 obtained at CEO because the sidewalks are cracked the window was broken the handrail is broken stairs are broken and it cost $1000 that buyer is not obligated to now closed on a transaction or pursue the deal because it's gonna be a you know financial burden on if you don't put anything in here then they're gonna use 1.5 percent of the purchase price and that could be more than what your buyers willing to buy I'm pretty pay for it so you got to really find out case-by-case if the buyer is responsible for doing the CEO and it's a bank owned property they're probably not gonna allow you to put anything there therefore I'm gonna say you're gonna buy every bird this thing is if it's kind of cost you ten grand to get a CEO that's something you got to deal with okay same thing with the sell it ourselves responsible you can put whatever they want five hundred a thousand is the most typical thing I see okay yes fine yes I do not suggest to leave a blank unless within what an investor who is going to be buying home as is anyway but if it's like a typical first-time buyers Jim and Jane or buying a house you want to protect them so if there is fun if your buyer is responsible for the CEO and it states that clearly on the on the OLS then you need to give them a low threshold that way in the event that it's too much money for them good to see your your clients barely affording buying the house putting their deposit moving expenses all these other things are barely affording that another fifteen hundred two thousand dollars and co repairs could be built you know that could be at the end of it for them okay so make sure that you put down a reasonable amount if it's someone that is um working in buying a first for something else okay next thing you need to worry about we don't need to worry about too much municipal assessments and here okay how many units is the home right so this is important read right off the MLS whatever the MLS says that's what you put you know if the house looks like a two family but it's really a single don't put down two family go down a single what it's whatever the MLS is claiming it to be later on if the attorney runs on all types of searches and there's a phrasal does their searches and you find out hey this is not illegal to or does it not leave what three this is the only a one family at least you did your part by putting down what it said on the MLS not were you assume just because the house has a basement it's rented out someone else doesn't make it a two family okay so let's just sit in this case it's a one family house we put one type in one whatever it is okay possession I've never seen tenants if there's any tenants and you have their info you can put it here if you don't have that data and they don't want to give it to you unless like we have a solid contract the attorneys will get this data afterwards the lead based paint part here if you know it great if you don't we have a we have a lead paint disclosure any way that we have all client sign if the home was built sometime in the 70s you know if it was before 78 or after 78 you don't have to fill this part out you understand if you know it was built in 1900 you can just put applicable if it was built in 2005 you know you put not applicable if you're on the fence about it just put in applicable and give the lead paint disclosure you know felt that way the buyer knows there could be letting home okay next section you need to look at here inspections okay in this section right here okay all right this says that the seller has in this section it says the seller has three days after receipt of the amendment to sign and return it to the buyer and a written counter proposal so when they're negotiating inspections you guys thought three days the seller has three days to either accept that whatever you're asking for the repairs countering or turn or kill a transaction you know so they have three days then your buyer has three days to do the same thing either accept counter or kill a transaction all right so you guys if you don't put anything here it's gonna revert to three days anyway all right [Music] [Music] okay next thing number 14 not that you'll see this very common if you end up selling a house it's like and I guess in an area where is affected this poet system thing this is for properties that have been in contaminated areas so you might know this might be applicable I normally will leave this alone because I don't know we don't we don't research these things prior to making you offer cesspools if you're working in like a rural area this might be a thing you may want to ask the listing agent but I usually leave that blank as well okay next section you need to look at is section line 33 23 where it says line paragraph C it asks you if there is um if there is termites in the house you your client has 14 days inspection okay so that means that after the attorney review job or your client will have 14 days in which they can check that out if you're trying to get your offer accepted and you want to make it look like you guys are not wasting time you can cut this 14 days down to 10 days 7 days 5 days whatever it is that you want that'll give you an advantage to show the a party that you're gonna be working fast ok buyers rights inspections same thing they have 14 days if you leave it blank okay so all these little lines in here you see here you would put in 5 10 and 15 14 a few client needs a month because you're going on vacation you put in 30 days so whatever it is that you think you'll need you'll put here if you leave it blank it's gonna revert to 14 days this section here this is where your information is gonna come into play this section is gonna ask you where the information I'm sorry I'm sorry the first part number 29 line 537 of property and it asks you about your information as the buyers representative so they want to know what firm do you represent obviously it's ready prefilled culture state and you're also gonna want your knee so you would put in here your name that's section next thing you're gonna see is you're gonna see okay who is representing the seller who is where you getting the information I'm sorry I'm sorry no this is for transaction transaction okay so we would put in here that we're presenting either as a buyer's agent if we represent only a seller or if we present dual agency or a transaction broker so let's just say that we were acting only as the buyer's agent me to check off this section here and in the next line asks you where the information came from so what company provided the information so I'll just say it was X Y Z we provided the info okay that's all you need to put there and they're the sellers agent ourselves representing that's already been checked off here down here you would have to put in your listing firms information so here would be X Y & Z really you would put in XYZ royalties license number for their company because their company has a license number and so does their so does the agent if you don't know the information on the MLS it will show you the information you just gotta click on the name of the office or you gotta click on the name of the agent then it'll show you the offices ID which is the license number and the agents license number and you would have to put that here then let's just say that the listing agent was Ben Jones and he's the agent we put his license number here offices offices their their address which is also in the MLS if their office number which is gonna be on the MLS I'll get X number it's not under pretend necessary I don't know too many people that are using that anymore the agents cell phone number that'll be uh nyanma let's if you're lucky if not then you might have to ask for it the agents email address which could be no Jim email and then you don't have to fill this part out where it says Commission per Commission due to listing firm because if you don't represent the seller you don't know how much commission the sellers agent is getting sometimes the sellers agent pockets a bigger part or a smaller part than what they pay out so I usually this part blank so if you're only representing the buyer then you're gonna be here underneath where it says participating firm which is culture state we would put our license number in here I like a good point six or seven then we will put in the agents name then we would put down the agency um this is already prefilled for you guys we're putting the agents number then we would put in here the email address permission important you don't specify a commission here you could be hurting yourself for a few reasons number one sometimes they may change it on the MLS after they accept an offer and you don't notice it and everything goes unnoticed you might be going from three percent commission on that to two and a half if the agent is you know plays games and does that so always make sure that you put down whatever it is it's a niyama step okay so you click down three percent and it might be - one hundred dollars for administrative fee that they might be charging so make sure you put that another thing - if the seller is offering a bonus if the offer is presented and accepted by a certain date or if an offer is accepted period then make sure you put that here so if you don't put it the attorneys are not going to know about it and you're gonna have a table you're gonna have to put give me a five thousand dollar whatever it is the bone it to me okay make sure you always put it next thing you're gonna see is the section where it asks you if the buyer or the seller have a real estate license so if your buyer has a real estate license but they haven't used it the referral agents you can put down here yes my client Billy Bob is a referral agent you would click you click that if your client acquisition somewhere you would put there all right now if the seller happens to be and don't forget to hit applicable okay if the seller happens to be a real estate agent they have to put their information in here they'll fill this part out after they receive the contract okay so same thing with with you guys with your buyers one then we get down to the next page which allows you to put down some additional provisions okay so if this is going to require a solid concession you guys know what it's all concession is for those either don't know that's when you need help with closing costs that's when you're gonna want the seller to contribute towards the money you need to close on that transaction it could only go towards your closing costs on your prepaid it can't go in towards your damn team okay so what you would have to do is you would have to type in here seller agrees to contribute up to it's up to one where it tours up to $10,000 towards closing costs and rebates okay that means that out of the money that the seller is getting a hundred grand they're not really getting a hundred grand are gonna get ninety okay if you don't know how much money the buyer needs for closing costs or your loan officer they'll tell you how much money you should be asking for that's what I used to do when I was when I was new I used to call my low notes for everything tell me what I need so that's where it would go if you need to sell the concession if you need to specify other things like I'll tell you later subjects you if you need to specify it something else like subject to Bank approval because it's a short tail then you would have to put that here as well all right going back to the Claudette question closing costs and prepaids okay oh okay well closing costs were you doing a typical loan are broken up into two sections one section is the closing cost section which is third-party fees such as your attorney such as the banks fees you would also have points discount points if you're paying towards the bank anything that the borrower may incur has already incurred such as inspection and appraisal things like that those are your closing costs now the prepays are the escrows that you're going to be paying for taxes and insurance now when a person takes out of a regular mortgage they're gonna have included in their mortgage payment of taxes and insurance and even the mortgage insurance so what you're gonna have to do in order to set those accounts up is they're gonna have to set up the escrow accounts for you and to estimate 3-page normally what we used to do is take five months of the taxes we should take two months of the insurance and we also used to put in there one year of the insurance policy because those things have to get paid prior to closing so those prepaid could be your closing cost could be five grand your prepaid to be equally as high it could be another five grand as well so that's where you want to ask your loan officer how much you need for closing costs so you would on new order definitely when you talk to me would definitely to know what the taxes are because they're gonna ask you how much of the taxes you know if you have high taxes you're gonna ask you for more leaving your time yeah oh yeah just don't we thank you thank you and you the little checkbox here for the specifically when using that system could you know automatically it's good Anna Anna is a mentioning snip logic for those of you who are new and don't know what that is zip forms the company has been around for a long time and they create like documents you can edit easily so that the National Association of Realtors teamed up with zip forms and have this thing where you can have all the documents for real estate already in there the only problem with zip forms it I don't like it it's very restrictive and you how to use like their stuff and those documents are very hard to print a lot of a lot of computers don't like the document so when you go to print it shows up all crazy and it doesn't go to your printer so what I've done is I've created all those documents in our database so we can just use an access from there but it's a great it's a great system if it wasn't so restrictive I'd be pitching it more so that's why we're working on solutions for that that we can use with our cell phones and laptops which we'll have what how very soon okay any questions so far and what were uncovering okay all right so if you guys are clear on that part we're gonna jump into the next contract okay all right so the other type of contract that you might come across would be a letter of intent a letter of intent is meant for a transaction it's a commercial transaction a commercial transaction we are not allowed to we're not allowed to do a contract for anything this commercial unless the attorneys request that we do it and we'll use your contract because there are a lot of trainees who are not that well seasoned to commercial either and don't say look this prepare the contract we'll use yours so what that means is anything over four units is considered to be commercial if it's one store and two Apartments one store and one apartment that's considered commercial too so you always want to check with the attorneys involved to see if they want you to prepare to contract or if they want if they're going to do it so in the event that you're going to do it and I'm sorry that you're not going to do it and you're just preparing an offer what you would do as a letter of intent okay this is a non-binding term sheet same thing okay this is what it's called here non-binding turning it is exactly what it states it to be it's non-binding this is just something to get the conversation started then the attorney will take it from there so this is probably one of the easiest things you guys are ever do so let me open this one up with doc up so you guys can see how to how to fill this one out okay great first thing you'd want to do is put down the seller's information what you guys had to do that already let's say the seller is ABC management Palace and then your buyer is urs Investments LLC okay then you put down in the description of the property you would put down their property just 1 2 3 Main Street in town bearsy that would be then you can even go as far as putting the latin block here as walk that we keep in mind the attorneys gonna prepare this you're gonna put all of that information okay then you're gonna put down the proposed price or the proposed rent if this is like a commercial once the proposed price let's say for this 2 million dollar building that your client is interested in let's just say your clients interested in making an offer 1.8 million dollars you will put that in there then you specify in here to the other proposed terms now with commercial with commercial investments usually what happens is that buyers do there any diligence period it's not an inspection period it's a due diligence period what it's one you know what you know more than anyone else you know so I'm we have a commercial agent here in the office and he's done probably better types of these like Charlie yes so their money goes hard no illusion yeah but it's just a way like yeah that's how you that's how you show how could you find it so like he said good tip is to get to do does is done upfront right so what I would say would be to diligence you leave the deposit in there right deposit do upon acceptance the diligence to be conducted prior to contract how you would word it but you know the attorney would dice it so so that means that the buyers really interested I'm putting in good terms you can put other additional terms in here like all cash transaction no contingencies you can put in here you know environment subject to clean environmental so many things that can happen the commercial that's why I think they limit real estate agents ability to create these contracts because there's so many different moving parts I'm sure at Joe's company there were well well seasoned than doing these things that I'm sure they have a better ability of doing it but commercial users only represent maybe like less than five percent of the entire realtor pool so that's why I think that a lot of these things are left when you turn this to do did you guys for the most part create your own contract or whether the attorneys doing it the attorneys will do them yeah well even you guys know this stuff the attorneys doing most is okay and then we would just figure out like before we went in yellow I feel like maybe 15 it's like just keep track removes you bori sure but a musky weapons if you'd have appealed is stagnant it's been sitting for a year nobody really wanted it you went you would give them easier to buyer like more flexible terms at that point right the buyer can have you know kudos in Southie was ready yeah it had his motive is something something okay cool and stop me any point because I don't do much commercial stuff so if I'm missing something I hear it let me know now what I've noticed here is that this requires no signature from the seller I personally have had the seller sign them anyway I'll just create my own signature line for them and I'll have a sign it says away the fire sees that you know they really acknowledge this would you guys have a different one where it was caused by the South I'm by the virus from home because this only requires the name of the licensee not even the signature licensee the day and the firm and the firm's your company so it was used something like yeah so what I'm saying is how can you really prove that this offer was okay with the buyer because there's no place for them to sign it's really just what there's nothing really stopping a scrupulous agent this is a good deal there's a lot of residential people that do commercial a you know you don't get the stuff alright alright so correct me if I'm wrong I don't do the same wrong or right way about this place when I whatever whenever I would present something like this I would just add in an additional line here and I would just say you know what this is you know ABC or QRS I think you said investments QRS LLC and I would just have them sign the air and just and then I pretended because it that way at least it looks like you the buyer did agree to these terms and then I'd send it to the seller and then from there though the attorneys would take it because there is no space for the cellar design so it's not really the contract is just terms that you set all right so any questions on this one basket this is probably the easiest thing you guys will ever do if you ever have to do a commercial deal all right next one which is a little more advanced but nonetheless I would not want you guys to not understand it would be an LLC buyout contract let me show you an example of an LLC buyer contract okay what analysis by our contract is is a sale of a business it's not the sale of property so what what happens a lot in these transactions now nowadays when investors is that an investor will make an offer on a property under an under an LLC right the old C's name would be Jim's properties ll state right he buys a home and an auction it means I got this great deal then Jim gets approached by Alex who alex says Jim you got any properties that I could buy them to start referring to arena Jim says well I got this one I got an auction and um I'd be willing to sell it to you okay well how do we do it you know by this time maybe you know there's no other way for you to change the name on the because it's already been processed through the through the court or I'll charge through a sheriff or whatever auction you got it from so then Jim decides to sell Alex the property not actually through selling the property but through selling Alex his membership in the LLC over to you for a fee so let's just say you expected to you know maybe pay 120 he paid 100 hundred grand in order for him to make the 20 grand you would be paying him 20 grand for his membership interest in his LLC he sent that over to you you pay mr. Lungren now you take over his contract and you're going you close guys get it it's like an assignment contract we found having to get the seller to acknowledge the fact that's being assigned one of the toughest things in the wholesale world is getting a salad to acknowledge the fact that you're going to be both selling that to someone else because I seller would say well you can get an extra 10 grand or 50 grand for my house what why don't I just do that then you know why don't I just wait around that someone gives me an extra 10 grand I must be selling it to cheap but if you did the same transaction with LSD bio the LLC that maybe offers still fulfilling their obligation of selling of buying that property so it really is no acknowledgement necessary for that so a lot of ways around this but the way to do it to make life very simple for you guys okay and I'm telling you simplicity is best because we are not paid to you know we're normal people work we can do LSD buyout offer ourselves and you know I mean go through all this and fill out anything to make sense to us or we can just send the request to our title company who does it for us and they do it within the same day and it's much cleaner because a lot of times there's mistakes on so what I suggest is that you guys' fill out this LLC purchase document okay you would be putting in the name of the LLC the name of the buyer you would put in any people who need to get paid out of it even if there's like a wholesaler involved it doesn't matter you just need to put it on here and within 24 hours you will have your LLC file contract back okay do you guys understand what an LSE buy off it's okay you guys understand and sometimes you can't sell a home unless you do it that way so when I said when you're working with investors you always want to encourage them to use an LLC that doesn't own anything else a clean analyst see for each property because they never know when he may have to sell the LLC because they may not be able to close in that deal let's just say my name best record home and he got the nine for financing and he's like holy now I'm gonna lose my deposit because I can't get financing or there's an option that you could sell that LLC and get out of that deal and least break even or make a couple of bucks so always a good idea encourage your investors do that you guys could do the same thing for yourselves when you start investing it gets at a point where you're like juggling dirty LLC's it's okay you know I think in the world just stay just stay organized keeps fresh see what everything what's active was that active and close out any ones that you've already used and it's usually what I do any questions on what we've covered all right how simple is it to fill out a real estate contract pretty simple right you guys are getting it okay if you where was interested I will print out the doc club one that I was filling out so you guys can keep it's just um you know kind of point of reference so you can revert back to a later it feel free to write on it you know explaining to yourself a simplified way what that is I let anything you want and make that your Bible for the next two weeks where you could just like read it over and over and over again because next time we meet or down a future down the line I may pick on one of you guys explain the contract to me if you guys can't explain to me I know that you guys are not studying it because if you don't understand it there's no way you're gonna get your client comfortable enough to sign it and you're not going to be comfortable to ask for them to sign it because what you gonna do is shown has shown has shown houses and if you used your sales ability to convince someone that that was the right home for them because it was and they were just nervous now the next part is you getting over the hump book now understanding the conjugates claiming contract so make sure that you do that nowadays I know a lot of people tend to get contracts signed electronically some people are gonna be old-fashioned and say well I don't like signing things online I want to I want to stay with you and I'll bring you the deposit and you can explain to me what I got to sign and then they're gonna want to you know take the paperwork with them and not sign it that day if you don't understand it all right so what I've always is what I will we suggested is on each page across the top of the across the top of the contract right in there the most important one or two things about that page because on each page you guys are going to notice that there are several things that are that will appear okay so if you see on a page like this for instance let me see okay this page for instance right we have five five or six different paragraphs if you start explaining every single paragraph you're gonna be there for an hour explaining this contract that the attorney is not even gonna explain to them or the attorneys gonna do is tell them what he wants to change when you need to do is know one thing or two things taps about every page write it right across the top here and then memorize that that way when you say well on this page is speaks about inspections and you have 14 days to do them in this page it talks about what type of property this is one or two or three fourth family on this page it talks about how many days you'll have to counter inspections in this phase it talks about so on and so forth so that way you can go through that package that entire package in less than 10 minutes with them the first time I ever had to explain the contracts our client I was in my client's house forever almost for like an hour and the worst part is that my broker came with me because we were heading down to Atlantic City then about my first year in the business so we're going on like City for the convention meanwhile we were already late and we stopped by my my clients has to get the contracts on he witnessed the most I guess I guess how you say painful thing and having to have one of your agents explain every single line in a contract and when we left he was just like laughing so hard he's like man he's like I'm sorry I never told you how to explain these things but don't ever explain the contract like that again it's just too much and I was thinking myself I did the right thing you never do that so so I learned I learned that they you don't have to explain everything because they're not signing a life away they're just making an offer okay so that's my suggestion to you guys any questions guys um yeah yes well the way I do it is I did good question what I do is I explain all the documents first that includes a ski is that like paint disclosure and remember one thing guys is that whenever you're going to present an offer make sure you request the lead paint disclosure from the listing agent because even though we have a lead paint disclosure in that and that folder that's a blank one so we're your client acknowledging is nothing their knowledge nothing because there's nothing on that that paint that says whether it is let it be in the home or not what you need to do is get the lead paint from the agent or sometimes it's in the MLS it's in the center section that says media it might be there if it's not there to request it from the agent once we have that Leppink disclosure now you can procure it now you can have the seller sign the contracts on the lead all these things and you can do the contract before getting the lead paint disclosure but you're gonna have to chase them down sometimes for that light paint I understand so either way just make sure you get it somehow oh yeah sometimes the time here Moscow okay I hope you guys enjoyed and so what I did was going back to Tyler what'd you say I explained all of the documents first everything everything everything did I get him to sign I just find it be quicker then to explain okay sign that okay let me clean the next one not sign that you know so I just run through everything and just say I highlight every already English sign you sign first if it's a husband and wife pass it around and a loop you know give me two pens keep it moving alright so before we close out today I just want to go over with you guys the trainings we have scheduled for the next eight weeks or seven weeks from now today we covered contracts next week we'll cover listings everything you need to know and the listing presentation the week three we're going to cover two systems and javis pinions and land voice week four we're going to cover mojo and conversion week finally recover marketing week six will cover is a pure automation week seven will plant we will cover the buyers dialog sellers dialogue on phone scripts Tom will be here for that week eight will do transaction management okay anything anything you guys wanna talk about before we close out you guys learn quick this is amazing dependent for the moment during on yes conversion yes for coverage of Champions absolutely okay good all right so we have some people watching also so good good turnout to thank everyone for watching thank you guys for coming and I think we did good hope you guys enjoyed it yeah I'm gonna print it out for you guys yeah anyone watching online if you want to copy that contract please send me your email and I'll send it to you guys as well Oh awesome we did a Facebook live shot