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How do you make up a contract to buy a home without using a realtor?There are standard real estate contract forms available online or even at your local office supply store. These blank forms are very cheap or free.If you know what you're doing, then you can fill it out correctly. Then again, if you're asking this question, I'd guess not and advise you to hire a seasoned Realtor. It's money well-spent to make sure not only you have the right terms and conditions for your market and market conditions but also have someone take you correctly through the process.A real estate attorney may know the terms to keep you out of trouble, but many of the terms may not be realistic or applicable to your situation, killing the deal with the other party before it starts. Essentially, you'd need to convince the other party to either trust you and your attorney only (as some have suggested), which is a completely foolhardy approach for the other party, or pay for their own attorney to negotiate the proper terms on their behalf. If both sides are represented by competent attorneys, you should be able to iron out a deal, but at a far higher cost than you're hoping to pay, probably around $2–4K, even if the deal doesn't close.
How hard is it to buy a house without a real estate agent?It’s not really all that hard to buy a house without a real estate agent - but I would not recommend it.The buying and selling of real estate is a highly litigious industry and the dollars can be very large, so most lay people need the assistance of a licensed real estate agent to represent them.In the US the seller typically pays the real estate commission which is usually 6% and is split 4 ways. This means that of the total 6% commission paid, each agent gets 1.5% and their respective offices each get 1.5%. (This is the norm, but some long-tenured big producing agents can negotiate a high split with their offices.) The 6% is a not a rule or a law - it’s just the norm and is negotiable.While real estate agents are licensed, they are not qualified to offer legal advice, so if either the buyer or the seller seek advice form an attorney, they would pay any legal fees on their own.I had a real estate license for 25 years because I was required to have one to be a loan officer and I had to renew my license every three years and had to take classes (usually in Ethics) in order to renew my license - but if I were buying or selling a piece of real estate, I would want a licensed real estate agent to represent me.It’s not uncommon for errors and/or omissions to occur in complex real estate transactions and in order to prevent me from losing money on a transaction or risk being sued, I want the deep pockets of this agent’s company to protect me with their Errors & Omissions insurance.
What is the purpose of hiring a realtor?Simon Kinahan has a good answer. I'd like to go beyond that and ask the question that with websites like Zillow, Trulia and Redfin, who needs a realtor? (Assuming you are someone with the time and savvy to use these sites)If you are a buyer, then you should use these websites to find the property you are looking for. No responsible realtor will advise you otherwise. Once you find the perfect property, now the realtor can help you in a few ways:A good realtor understands the housing market, and they can tell you if a house is reasonably priced in comparison to similar sales or not. The realtor will help you with the negotiations. For one, should you go over or under the asking price? If you are trying to get a good deal, you will often get into a bidding war. At that time you don't want to lose because you big much lower than you wanted to and the seller was insulted by your bid.Even if your bid was rejected, a good realtor will maintain the relationship with the seller, so it could come back to you if the original bid is rejected for some reason.A good realtor can help with other aspects of the negotiations as well - what can you ask for? what should you ask for? what can you ask for but probably should not?Beyond the regulatory and procedural stuff, a good realtor gives you the same value as a lobbyist. The realtor's experience and knowledge give you a good base to confidently negotiate and get good value for your money. Buying a house can be very stressful, and each reduced headache really helps.
How can I buy real estate with my rollover IRA?Yes, this is absolutely possible. You can do so by transferring your 401k into an IRA at one of the many self directed IRA custodians.(If you qualify to use a self-directed 401k, I strongly recommend that as a far superior alternative. The truly substantive reasons for that recommendation are here and here.)A previous comment said that most real estate people prefer not to keep real estate in a tax-deferred account. Indeed, there are some great reasons not to buy real estate in an IRA, but those reasons are only relevant in an academic context, as for many people, the capital they want to use to purchase real estate exists only inside the IRA, but not outside of it.If you don’t already have a clear idea of the type of property you’d like to purchase, I’d recommend that you consider turnkey rental property, which is simply an income producing rental property that you purchase with a paying tenant and professional property manager already in place.But to focus on the core of your question: YES, you absolutely can roll your 401k into an IRA capable of allowing you to acquire real estate, and it’s done every single day.
What makes a good real estate agent?Great question: how about I approach this question what makes a good agent from a different angle: breaking the bad habits before creating good ones!A never-to-do list for successful real estate agents, if you will!It’s a fact that most real estate agents are not successful.Statistics indicate that only 20% of agents are doing 80% of the deals. Yes, read those numbers again!In other words, with 80% of the agents fighting over 20% of the business, it’s no real surprise there’s such a high agent turnover!How do the newbie agents stack the odds in their favor?Besides the importance of selecting the right brokerage to work for, the necessary continuing training, ongoing sharpening of the communication as well as negotiation skills and a healthy dose of ambition, there are a number of less obvious attributes a starting real estate agent must pay attention to!Here are 10 things you’ll probably never see successful real estate agents do:1. Successful real estate agents never avoid confrontationsThe daily agenda of a real estate agent is filled with confrontations in all shapes and forms: whether it be a listing or mandate presentation, contract negotiation, or price counselling, to name but a few, the agent is likely to face opposition.Exactly why great verbal skills will come in very handy!Moments of discomfort are a given during confrontations where silent moments can be used very strategically. Successful real estate agents tend to show no fear of loss during these confrontations.Negotiation is a skill that can be taught. Effective negotiation demands an understanding of both parties’ wants and needs, remaining flexible with a number of options, foreseeing (counter)offers and using the power of persuasion to encourage clients to respond to offers.Successful real estate agents know that confrontation is part of their daily life. Instead of wasting valuable energy and time trying to ‘wing it’ or worse, trying to avoid it, they actually go out of their way by honing their skill set. Hopefully, during the next confrontation, they’ll then be better prepared!One will need to learn to embrace confrontation. Sometimes it’s as simple as actually asking the question!Most agents thrive on it as they see it as yet another challenge to overcome before signNowing that final stage: the sale!2. Successful real estate agents never assume perfect circumstancesThe old adage goes, “If it were easy, everyone would do it.”That’s ever so true when it comes to selling real estate. Arriving in a top class car, getting out dressed up in that designer suit, fly through the contract signing without much objection and voilà! It does appear very easy work to take one client through, sign a contract and che-ching the commission!It couldn’t be further from the truth! Even though the overall basics might appear to be the same, there’s no cookie-cutting method, as each buyer and seller will have their own specific circumstance which presents its own challenges that need custom attention. Successful real estate agents know that every single close will be unique.No two deals are alike! Ever!Are we in a buyers’ market? Or is it a sellers’ market? Does it really make a difference; either situation has particular conditions that aren’t perfect. Just look at MacGyver (yes, I’m revealing my age now), and see how he makes the best of every situation. He’s acting with the information at hand and keeps moving forward!Approach every circumstance with the right perspective and don’t assume perfection! Successful real estate agents can differentiate between pains of growing and pains of suffering.3. Successful real estate agents never fall behind the curveIt comes down to one thing: education.Whether one is referring to reading the latest (e-)books, magazines, articles on real estate-related topics, real estate seminars or checking up on the latest technological gadgets and web tools, successful real estate agents realize this is a continuous learning process and that one needs to stay current on the latest technology. And yes, this sometimes means stepping out of your comfort zone!Technology has become a major part in most areas of our lives. Just imagine what would happen to your business if you hung on to the fax machine and refused to work via email?! Or how about waiting for those leads calling from those newspaper ads versus social media leads nowadays?Contrary to popular belief, all these ever-improving tech tools are not narrowing the competency gap between real estate agents, but actually widening it instead! Successful real estate agents know the enormous importance of staying ahead of the curve!Would it be a bold statement to say that by 2020, the Top Performing 5% of real estate agents will consist of 80% agents who have been in the business for less than 5 years?4. Successful real estate agents never forget it is a team effortUnlike what’s being portrayed in shows like Million Dollar Listing New York, most successful real estate agents aren’t looking for the limelight on their special real estate deal du jour.Once estate agents are too busy servicing their current listing mandates to take on new business, it’s time to expand the team. If they’re already working in a partnership, hiring an assistant is likely the first port-of-call.Being surrounded by a well-oiled team makes successful real estate agents even more efficient! They give other people credit for their work and shine the light on their team members. They’re great at letting go and spreading the weight among others. Trusting and believing in one’s teamwork ethic as much as their own.Successful real estate agents know they can’t be doing everything themselves and acknowledge that delegating and outsourcing less (or no) income-producing activities will free up valuable time.5. Successful real estate agents never get jealous or resentfulIn large brokerage offices, the competition can be quite fierce amongst its agents. Successful real estate agents rise above the day-to-day office rumors and get on with their work.Why bother hiding from those slightly better agents? Learn from them! Soak up their knowledge.All that negative energy is too emotionally draining anyway and is much better spent on your own work than resenting the behaviors or actions of others!6. Successful real estate agents never waste anyone’s timeAs busy as most successful real estate agents are and how often their schedules change at a moment’s notice, they don’t break a commitment. They might postpone a meeting on you but cancelling won’t happen.Face to face time is never a lost opportunity to interact with clients.That’s their way of earning respect and building credibility.The best way to give back would be to mentor a starting real estate agent. Nothing more exciting than handing over some fun/creative assignments and letting them run with it! New talent will rise and eventually assist in putting together important projects.In the background, successful real estate agents are checking off an extensive list of rather boring assignments, because when you do what nobody else wants to do, you’ve become indispensable!7. Successful real estate agents never lose track of the bigger pictureSome mistakes were perhaps plainly bad calls and/or even very expensive lessons. Whatever may be the case, one needs to see them as opportunities to learn something new.Why are the successful real estate agents so knowledgeable? They know the price of their mistakes and don’t plan on making them again!Working in teams will bring with it frictions at times, but that’s part of the learning! Successful real estate agents focus on the bigger picture and are quick to point out that those teething problems are stages one needs to cross onto the next big phase.8. Successful real estate agents never skimp on marketingAre most new real estate agents aware that the toughest part of the business is finding the business?Having paid all the license fees, board dues, starter kits etc, the last thing they’re thinking of at this point is spending more money on marketing!Unfortunately, it doesn’t work that way. As in any other business, it takes money to make money or the amount spent on marketing will be in direct proportion to the amount of business you’ll see. As if it wasn’t already tough until now, the marketing efforts need to be properly focused.How easy is it to spend it on the wrong tools, such as traditional print marketing (weekly newspaper, monthly real estate magazine etc), which have a very low return on investment. The brokerage office itself can do so as it promotes its current stock inventory, as well as draws in new buyer lead for its agents.Successful real estate agents are quick on the mark in getting their name out as the person to contact to buy or sell from the get-go! As their financial means improve, they make sure to reinvest in marketing themselves.9. Successful real estate agents never say that something isn’t in their job descriptionWhen you arrive nicely on time at your Sunday open house and realize that the floor needs a good mopping, what are the odds you’ll quickly do it? Or the kitchen sink is still filled with dishes – will you make an attempt at cleaning it up?Just because one’s job description didn’t mention anything about the above doesn’t mean it isn’t part of your job! As basic as it may appear at times, successful real estate agents aren’t lonely wolves. They’ll find opportunities to be useful and add value!Only when an entire team understands and empathizes in such situations, will it result in people feeling appreciated and being excited in the morning getting ready to work!10. Successful real estate agents never forget it’s all about doing the basicsHow many agents started in the real estate business thinking they’ll have two lives: a personal and professional one?Guess what? It’s one and the same!People don’t just want to see your emails. They want to see you work. They like to put a voice and face on that business card you dropped off at their home earlier in the week.Successful real estate agents know that 20 years of experience is just Year One repeated 20 times! Non-stop time to learn, time to adapt and time to get comfortable with the newest tools and technology. Planning is a big portion of that and it being a business, it’ll require you to put together a detailed business plan with medium-term targets, short-term goals etc!Benjamin Franklin supposedly once said, “If you fail to plan, you’re planning to fail.”Consistently and pro-actively lead-generating is a must, even for experienced agents. They can’t just get busy servicing existing clients until all those transactions are closed before starting to look for new business. They will actually block time for a few hours every day to prospect for new clients!The key is to decide on a system that works for you and stick to it. Real estate truly is a numbers game!An average estate agent and a successful one differ in the way they view their customers. The former will be focused on getting that one commission cheque in, while the latter will be aiming for repeat or pipeline business.Make a client happy and they’ll come back again and again. Make a client very happy and they’ll be an ambassador for you to their friends and family!Having covered the basics correctly, successful real estate agents know more (referral) business will come their way. All it takes is a handful of years in the business to start seeing people call back for your services!Closing thoughtsMistakes will be made along the way, regardless of your level of experience. As a newer real estate agent, this never-to-dolist will hopefully save you a lot of time, sweat, money and frustration.If you agree with what we spoke about above and follow what these successful real estate agents never do, you’re a big step closer on the road to success to becoming a successful real estate agent yourself!I hope this different angle of answering your question was a helpful one.Good luck
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
How should I fill this contract form "Signed this... day of..., 2016"?I agree that you need to have the document translated to your native language or read to you by an interpreter.
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People also ask
Is a real estate purchase agreement binding?A real estate purchase agreement goes through a specific process before it becomes binding. Seller and buyer agree to a price and additional terms. The last party to sign the contract ratifies it with his signature, but only when it's delivered to the other party is it considered binding.
Is real estate contract binding?Offer and Acceptance When a real estate contract is legally binding, all parties have accepted the terms of the contract. ... The real estate contract becomes legally binding only after the remaining party or parties accepts the first party's offer.
Who prepares the purchase and sale agreement?A purchase and sale agreement is a real estate contract. It's a written agreement between buyer and seller to transact real estate. The buyer agrees to pay an agreed-upon amount for the property.
Is a purchase agreement binding?Once both parties have signed the agreement, it becomes legally binding. ... Then, once all parties are fully satisfied, the contract is signed and the agreement becomes binding upon both the Buyer and the Seller. A purchase agreement is a very necessary item when purchasing real estate or any other high dollar commodity.
What is a real estate purchase contract?When you are buying or selling a house, you will sign a home purchase agreement that outlines the conditions that both buyer and seller agree to, including the purchase price. It is a legally binding contract between the two parties. A carefully written purchase agreement can help the sale proceed smoothly.