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REAL ESTATE PURCHASE CONTRACT as Adopted and Revised in 7 Ycar Form
Youngstown Columbiana Association of REALTORS Inc. for the sole purpose and voluntary use of its members. DEED Seller shall convey to Buyer marketable title in fee simple by transferable and recordable general warranty deed at Seller s expense with the release of dower if any or fiduciary deed as appropriate free and clear of all liens and encumbrances but subject to conditions restrictions and easements of record. 19. CONTRACT Acceptance of this offer constitutes a complete agreement binding...Show details
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As a real estate professional I need a software other than signNow to easily fill in text, sign and send contracts. So which?If you are looking for software that will allow you to complete details in contracts and request signatures from clients (even multiple parties) try FileInvite - File Requests, Document Collection on Autopilot!It’s a great way to manage the flow of documents and access to property files (titles, building inspections, LIM, HOA details etc) .We help thousands of companies and individuals to manage the collection of sensitive documents through our cloud based platform. You can choose to store them on Dropbox, Google Drive, Box, OneDrive or your own preferred storage platform.
Can I sue a homeowner or their real estate in a situation where both parties signed a purchase agreement then the buyer signed the contract, didn’t send it to me and eventually backed out?Almost certainly no.There are certain things you must have to create a legal, enforceable contract:Legal intentCapacity of the partiesConsideration (something of value)Mutual agreementAdditionally, almost everything involving real estate falls under the Statute of Frauds. This comes from the English Common law, and says the contract must be in writing to be enforceable. It includes agreements to by or sell real estate and agreements made in consideration of marriage. (Just tossing that last in because its interesting)A real estate purchase contract starts with an offer in writing. The offeree (seller) may accept the offer as presented, reject it or make a counter-offer. Any change to the offer, no matter how minor, constitutes a counter-offer. The original offeror can do the same thing. There is no contract until and unless there is the meeting of the minds—complete agreement—and the agreement has been communicated to all parties.Once there is a meeting of minds, the document becomes an executory contract; that is, one which is in the process of being performed. Almost all real estate purchase agreements contain certain contingencies (we often call them “weasel clauses). Among these are typically loan, appraisal and inspection contingencies.The loan contingency states that the buyer must apply for and be approved for a loan within a certain period (typically 17–21 days). If the buyer does not get the loan for any reason, they get to walk, and they’ll get their earnest money deposit (the consideration) back.If the property appraises for less than the purchase, price, they can walk. If there is something on an inspection report they don’t like, they can walk.Once the buyer has removed all contingencies, they are obligated to perform—to complete the purchase. If they don’t, they are said to be in bsignNow—violating the contract—and may forfeit their deposit.Most real estate purchase contracts today are written by the various state Realtors’ Associations. They typically contain a “Liquidated Damages” clause to be initialed by the parties. This clause states in essence, “The parties agree that determining exact money damages in the event that the buyer does not perform is very difficult. Therefore, buyer and seller agree that the buyer’s earnest money deposit will be considered satisfaction for a bsignNow by the buyer.”In plain language the Liquidated Damages clause states that if a buyer decides not to proceed after having removed all contingencies, they may forfeit their earnest money deposit to the seller.Most contracts also contain an Arbitration Clause. By initialing this, both parties agree to go to binding arbitration rather than filing a lawsuit.If the buyer in your case did not deposit a check with escrow, you never had a contract. If there were contingencies which they did not remove, such as a loan contingency, they are completely free to walk. If you made a counter offer which they chose to ignore, you never had a contract. If your acceptance of their offer was not communicated to them (typically be delivering to them a fully-executed copy of the purchase agreement), you did not have a contract.Someone who “ghosts” and does not take the steps to proceed with a purchase for whatever reason almost invariably has plenty of legal “outs” if they don’t want to go forward. I believe your best bet is just to get on with your life and find another buyer.My standard disclaimer: While I am confident in the accuracy of my statements here, no one should construe a single word of it to be legal advice. I am not an attorney, although I know a whole lot of really fine legalish words. The best. They’re terrific. Anyone who needs legal advice should seek such advice from a duly licensed professional. Relying on “legal” advice on Quora could be an indication of a need for another kind of professional help.I hope this is helpful. Good luck.
There is curfew in my area and Internet service is blocked, how can I fill my exam form as today is the last day to fill it out?Spend less time using your blocked Internet to ask questions on Quora, andTravel back in time to when there was no curfew and you were playing Super Mario Kart, and instead, fill out your exam form.
How should two people structure a company where Person A is putting in 100% of the capital to purchase rental properties, while Person B is a real estate professional who has found undervalued properties and will act as contractor, rental manager, and general executor?One way to look at this is to separate out the various functions, assign market rates to them, and split the equity in the entity itself equally.As an example, let's say that the market rate for a real estate professional is $100,000 annually, and the market rate for interest on a loan is 5% (I'm over-simplifying this greatly in order to make a point, so finance pros please don't jump down my throat.) Let's finally assume that we're going to buy a property that costs $900,000.Following this logic, the two partners form NewCo with each putting in $1 for a 50% share. NewCo now borrows $1,055,000 from partner A, secured by all assets of the company. $900,000 of that is used to buy the building, $100,000 is used to hire partner B for a year, $52,500 is used to pay partner A interest on the loan, and the balance for expenses.After one year, the building is sold for $2,055,000, and the original loan is repaid in full. The profit left in NewCo is thus $1,000,000 which is split 50/50 between the partners.Result?Partner A (as a lender) invested cash and got a market return; Partner B (as a real estate professional) invested expertise and time and got a market salary; both partners invested entrepreneurial efforts in creating NewCo and making it viable (something that required both money and expertise) and got a signNow (and equal) equity-based return.
How do you invest in real estate for rental income? What are the pros and cons to buying and renting out an apartment as opposed to a house?I love investing in rental real estate for the income instead of appreciation. It’s a much more surefire way to build wealth.My practice is dedicated to assisting real estate investors and their are two huge causes for investment failure that I see time and time again.Not knowing the market and the neighborhood you are investing in;Failing to understand financial formulas and operating costs.Figure those two things out and you will do well. I’m not a handy person, so I build property management and maintenance expenses into my financial models. I spend months researching an area before I feel comfortable investing in it.Houses are nice because they have better exit options. Everyone wants to buy a house. Additionally, the tenants usually mow the lawn and service the property with minor maintenance issues.Multi-family, in my opinion, is a much better route to take (and the one I’ve taken). The exit options are reduced as not everyone wants to buy multi-family, but the you benefit from economies of scale.For instance, I have three-units, but one roof to repair and one yard to mow.When one tenant moves out, I still have two more that are paying on a monthly basis. Vacancy becomes much less painful.Hope this helps!
How binding is a real estate agent’s listing contract. We live in Nevada and are 93 days into a 7-month contract but the agent has done nothing to promote the sale of our house? She has not shown the house 1 time.Is the property in your regions MLS? If yes, then SHE would only show the property if SHE has a buyer to bring to the table. Most likely, a buyer’s agent would bring their buyer to your property to show it. Not your agent, in that case. So the question is whether or not the house is getting ANY showings. If yes, then she is doing her job and the house is priced well. If no, then were you shown that it could take a while based on what the market is doing around your property? Is the house overpriced? It may be. An overpriced property will not sell. Is there a for sale sign in front of the house? Is the agent taking calls from other buyer agents who usually want to know if the house has any offers on it before heading to the house, and what the deal is with anything that might be important to their buyer, etc etc. A lot goes on behind the scenes that sellers and buyers never see or hear. A LOT. If she isn’t doing the things stated in the listing agreement that she is supposed to do, then call her broker in charge. If she’s the BIC, then reason with her. If she is doing her job, then the blame might be something besides the agent (such as overpricing). It’s a common mis-perception that Listing agents are supposed to be at the property for every single showing. Can you imagine how awkward that is for a buyer and his agent?Your question wasn’t very specific so I did the best I could. Hope this helps.
How can I take my child (16yrs) to the U.S if my immigrant visa is approved? My husband, a US citizen, filled out form I 130 for me and mentioned this child as migrating in future.Just petition using a I-130 yourself. Read the instructions very carefully. I am not sure but it’s possible that the affidavit of support will need to be filled by your husband since he is the citizen and he filled one for you - again, check the instructions very carefully. It should be a pretty clear, straightforward process.Your child is still well below the age limit and should be fine. If there are any problems, do the same thing you did with your own process - use the numbers you are given to check on the process and if you see it stuck call to make sure they have everything they need early.It is my understanding that the age limit of the child is based on the petition date, so go ahead and do it.You still have plenty of time at 16, just don’t delay.
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