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FAQs utah real estate contract
How do you purchase real estate contracts?You “purchase” a real estate contract by having the person/entity whose name is on the contract assign the contract to you for a fee. Here’s how a deal unfolded recently:The investor found a property that when fixed up would sell for about $340,000. But it was in terrible shape—trash and cat urine everywhere, fleas infested the entire downstairs, old bathrooms and kitchen, torn up carpet, etc. It’d take about $80,000 to fix it up, and the owners and their family didn’t have the money or the motivation to get into a big rehab project. They just wanted the property sold.The investor put the property under contract for $150,000. He then found a rehabber who wanted the property and was willing to pay $175,000 for it. The investor assigned/sold the contract to the rehabber for $25,000. So, at closing, the rehabber paid the property owner $150,000 and paid the investor a $25,000 assignment fee.A few points:Most contracts, including real estate contracts, are assignNow unless the contract specifically states that it’s not. Most Realtor contracts do say that the contract is not assignNow. (But contracts are also negotiable.)Investors use their own contracts which don’t forbid assignment. Some, where the purchaser is listed, will write “ABC Investments and/or assigns.” That takes care of it up front; the contract is assignNow. Others (and I do this) have a specific paragraph in the contract stating that the contract is assignNow.Investors use an assignment contract between themselves and the rehabber. It’s usually just a page or two long. It generally says that the rehabber is assuming all the rights and responsibilities of the contract. It’s just as if you substituted the rehabber’s name for the investor’s name.The assignment fee is not a commission. (Only licensed agents can charge or collect commissions.) Further, the investor is not selling the property. The investor is selling the rights contained in the contract.Regarding that final point: Some/many real estate agents believe that the process—often called “wholesaling”—is illegal. An informed real estate attorney will tell you that it’s perfectly legal so long as what’s being sold are the rights to the contract.Bottom line: To purchase a real estate contract, you find someone who has a real estate contract that he/she wishes to sell. The contract must be assignNow. Then you purchase the contract using an assignment.
Do un-contracted workers have to fill out IRS W4 form?I have no idea what an “un-contracted worker” is. I am not familiar with that term.Employees working in the U.S. complete a Form W-4.Independent contractors in the U.S. do not. Instead, they usually complete a Form W-9.If unclear on the difference between an employee or an independent contractor, see Independent Contractor Self Employed or Employee
Is an email a binding contract or commitment to purchase in terms of real estate?Is an email a binding contract or commitment to purchase in terms of real estate?Disclaimer: I’m not a lawyer, so this isn’t legal advice. For that, you need a lawyer.Answer: No. The email as described would constitute an offer. It wouldn’t (yet) be a binding contract.From Nolo:Most contracts only need to contain two elements to be legally valid:All parties must be in agreement (after an offer has been made by one party and accepted by the other).Something of value must be exchanged -- such as cash, services, or goods (or a promise to exchange such an item) -- for something else of valueBroken down a bit more from I Love Libraries:An offerAn acceptanceCompetent parties who have the legal capacity to contractLawful subject matterMutuality of obligationConsideration.The only things that the second definition adds are (1) lawful subject matter, and (2)competent parties who have the legal capacity to contract.An email sent by Party A to Party B doesn’t (yet) meet those criteria. We have an offer but not yet an acceptance. We’re assuming they’re competent parties who have the legal capacity to contract. We’re also assuming that what’s being proposed is legal.We also have to make sure that there’s a proposed mutuality of obligation, and that it involves something of value.Plus, for real estate contracts to be binding, they must be in writing. (You can come up with a handshake deal and both parties abide by it. It’s legal. But it’s not binding.)Although you can run into problems with any of the requirements for a contract, the most apparent one is that while an offer has been made, it hasn’t been accepted yet. So the offer itself is not a “binding contract.” Further, the offer may be written to expire after a period of time. Or the person making the offer can withdraw it at any time prior to acceptance. The point here is: You need both parties to agree on the contract.It’s in writing so, signed by both parties, it would be binding. If mutuality and consideration are involved and both parties are competent and have the power to enter into the agreement, then you’ve got yourself a binding contract.So something as simple as: “I will pay you $100,000 for the purchase of 123 Main Street, Your Town, Your State” signed by both parties (assuming they’re competent and have the power to make the deal) is a legal binding contract. You don’t need the lot number or square number (though it can help). You don’t need the terms ($100,000 in cash? Owner-financed? Financed by a lender?), though those are awfully important. There are a few more sentences that ought to be in there for protection (so a court doesn’t have to get involved in case of a dispute), but legitimate real estate contracts only need to be a few paragraphs long. (The one I use as an investor is 3 pages.) It doesn’t have to be 20–40 pages or more, like many licensed agents use.There are a few other items that might have to be disclosed or included. For example, because I’m also a real estate agent, I’m required to disclose that I’m an agent. Big deal: That’s a sentence that reads: “Donald Tepper is a real estate agent licensed in Virginia, license number xxxxxxxxx.”I do recommend that a lawyer review the contract. And different states have different “understandings” regarding real estate contracts. Further, in some states (such as New York and New Jersey), lawyers are really considered a necessary part of the process while in many other states, frankly, lawyers are never involved. Protection is always good.But as to the question about whether an email can constitute a valid offer and, if signed, become a binding contract, the answer is yes.
What form do I have to fill out at PetSmart in order to purchase a rat?Live animal purchase card
What is the best way to purchase NYC residential real estate in order to rent it out?There's actually 3 parts to getting this right: (1) getting educated on the NYC market, (2) finding the real estate, and (3) hiring the right person to manage the real estate.Part 1: Getting Educated on the NYC Real Estate Markethttp://AddressReport.com (for deep building data, renovation histories, crime reports, subway access, local amenities, area pricing)BrickUnderground (chock-full of NYC real estate guides)http://NY.Curbed.Com (to get a sense for what's "trending")Part 2: Finding the Real Estate Listingshttp://StreetEasy.com - the king of NYC sales listings aggregatorsNYTimes real estate section - still reliablehttp://HomeCanvasr.com - for off-market listingsPart 3: Managing (Renting Out) the Real EstateGo back to StreetEasy and locate properties that seem similar to the one place you've bought and note the names of 6-8 brokers who have made high volumes of (and/or very recent) sales (NOT rentals) in those properties. (The broker who just sold you the unit will likely be on that list, but shouldn't be the only name.)Confirm on AddressReport that these properties share similar qualities, subway access, and neighborhood amenities with the one you purchasedWith these "property comps" in hand, contact each broker on your list and ask if they interview them to determine which would be a good steward of your rental property; things to check for include an understanding of going rental prices for properties such as yours, the process they use to advertise your property and vet applicants; and whom they can refer as a maintenance contact for when things inevitably go wrong and you're not around to fix it (since you don't live in NYC or just don't want to deal with it).
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.
What will it cost a buyer to get out of a real estate contract?Get advice from a lawyer.There are consumer laws that give time to change your mind, however, there is much of the process that don't. The first thing you will owe directly andor indirectly will be the ENORMOUS commission of the marketing & advertising agent for real estate, aka. “the real estate agent”. This list could go on and on… get advice from a lawyer.Best of luck.
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People also ask utah repc example
Where does an addendum go in a document?In other documents, most importantly in legal contracts, an addendum is an additional document not included in the main part of the contract. It is an ad hoc item, usually compiled and executed after the main document, which contains additional terms, obligations or information.
Does an addendum override a contract?When adding specific terms or conditions while maintaining the original contract validity, you need to create an addendum. However, making some types of changes don't require an addendum. These include cases in which a party has agreed to waive a contract bsignNow by the other party.
What is the purpose of an addendum to a contract?A contract addendum is an agreed-upon addition signed by all parties to the original contract. It details the specific terms, clauses, sections and definitions to be changed in the original contract but otherwise leaves it in full force and effect.
What is an addendum when buying a house?An addendum, or contingency, provides that protection. An addendum to a home sale contract is anything extra that the buyer or seller includes beyond the common language in a basic purchase agreement.
What is an amendment to a real estate contract?If the seller agrees to fix the leach field or negotiate a reduction in the property cost, this change would be a contract amendment because it changes the original contract terms. Amending the terms of a contract is a common practice in real estate.