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Purchase Agreement Form Demand Assistance

hey guys Mike Proctor here with whistle.Realty Group so I've had a lot of.feedback from agents asking about how.you deliver certain contracts or what.you say win so I just wanted to go.through how I do in our PA when my.clients and I are gonna be submitting an.offer so here we go alright so the first.form here we've got residential.disclosure agency disclosure what this.pretty much says is that I have a.fiduciary duty to you as the client it's.kind of my favorite word and real estate.in layman's terms what it really means.is everything I do has to be at your.best interest so here it just says who I.am responsible to represent who the.other agent is responsible to represent.just need your autograph here at the.bottom this is the civil code that has.to do with agency relationship if you're.ever having a hard time falling asleep.and you don't want to drink nyquil.by all means read through this you'll be.out like a light possible representation.of more than one buyer or seller this.form is the golden ticket for me being.able to go out and find a home for you.to purchase so what you're doing here is.you're allowing myself or another agent.in my office or brokerage to represent.the seller for the property that we're.looking to purchase what this form also.goes over is it makes sure that you.understand that I'm not gonna earmark a.property just for you I have some other.buyers that I am working with and if I.find a property and I show it to you I.may be showing it to them as well does.that make sense.perfect which is autograph here and this.form is because wire fraud exists and.they want to make sure that you know.about it.so throughout the transaction throughout.the escrow process you'll be getting.emails you'll be getting people that are.asking for all sorts of different things.now just understand that if you ever.have a question about whether.something's valid or legitimate I am.your number one point of contact okay so.don't just arbitrarily shoot money to.anybody that's asking for it if you ever.have a question we can go directly down.to the escrow office and submit the.money but.is just to make sure that you know that.wire fraud does exist autograph right.here at the bottom all right.you excited we're submitting an offer.all right this is the meat and potatoes.of the offer this is pretty exciting so.let's make sure that we've got the.address correct because we don't want to.submit an offer on a property that's not.for sale yet so the address is correct.all right and then right here you see.the purchase price so we have a total of.five hundred and five thousand dollars.now we're also going to be offering all.of this stuff so we have to remember.that this isn't our contract yet we.still need the seller to accept and.acknowledge all of these terms that were.submitting so we're offering five.hundred and five thousand dollars we're.also offering seventeen days of escrow.all right so our term of escrow is here.shows here that I'm representing you.only and that the other brokerage is.representing the seller only and then.here you can see how much we're offering.for our initial deposit our earnest.money deposit this money goes into.escrow and it opens escrow and it shows.that you're a real person and you're not.just arbitrarily opening escrow so so.here you can see that it is not an all.cash offer we do have a loan and the.total amount of the loan goes here so.the initial deposit and the loan amount.is the total amount of the asking price.so just initials here at the bottom now.throughout the RP a throughout the offer.we're going to be reviewing different.contingencies just so you understand.what a contingency is these are overlays.throughout the escrow process that.protects you as the buyer okay the first.contingency that we're going to review.here is the appraisal contingency this.contingency means that you have 17 days.throughout the escrow process to get an.appraisal on the property to ensure that.you're not overpaying for it okay now if.within that first 17 days the appraisal.comes back and it's not the price that.we're offering.we then have the ability to renegotiate.that purchase price it's kind of.exciting right all right perfect.now we also have a loan contingency so.within this term here the first 21 days.anything that goes sideways with the.loan let's say the terms aren't exactly.what you wanted or heaven forbid it just.doesn't go through and we don't get that.final approval on the loan you're still.protected within that first 21 days we.can say you know what the loan didn't go.the way we wanted it to walk away you.get all that earnest money deposit back.okay so we don't have buyers stated.financing we aren't trying to sell a.property to buy this one so there is no.sale of buyer's property and then as we.get down to this portion here we get.into addendums and advisories the only.additional advisory that we have is the.buyers inspection advisory we'll go over.that in a minute down here we're going.to start allocating who pays for what.and what inspections you want included.with the sale of the property so you can.see here that we're asking that the.seller pay for the environmental and the.hazard disclosures we're gonna be asking.for the seller to pay for a wood.destroying pest report that's done by a.certified pest inspector any questions.on this here.no just initial here at the bottom.then this portion here we're gonna be.asking that the seller pay to do any.retrofitting on the property that needs.to be done by law prior to the sale of.the property there are some counties or.cities that require that a property get.upgraded with the most water.what is it water resistant or water.saving measures for faucets and toilets.and things like that so if during the.the inspection process if the city comes.in and says that the faucets need to be.replaced or the toilets need to be.replaced because of water conservation.this portion here says that we're asking.the seller to pay for that stuff before.close of escrow this also ensures that.the seller is going to be putting in co2.detectors as well as smoke detectors and.all the required portions of the home.down here we get into title and escrow.fees so you can see that we're asking.the seller and the buyer to each pay.their own portion of the escrow fees.it's very important that we identify.this here because the seller does have.quite a lot more closing costs than we.have on the buyer side so we never want.to put here that we're splitting the.cost because then we would be absorbing.some of that seller closing cost and we.don't want to do that we're saying here.that we want the seller to pay for the.title insurance but we're also saying.that the seller gets to choose who they.choose who they want to use for title.we're also putting here that we want the.seller to choose who they want to choose.for escrow now down here we have.identified that the seller is going to.be paying all the county and the city.taxes all the transfer fees if there is.an HOA on the property we're gonna ask.that they pay for that as well that.transfer HOA we're also asking for the.seller to provide us the first-years.home warranty and we've identified here.that it's going to be an upgraded policy.that also covers the air conditioning.and the pool and the spa because we.don't want to leave anything out right.all right.as we go down this portion here.identifies what appliances we want to.convey with the sale of the home because.if we don't put it in here they don't.have to give it to us so we want to make.sure that they understand that all the.stoves all the refrigerators all the.washers are the dryers whatever it is.that you want in this sale we're gonna.put right here so that they get it right.up front that we want those with the.sale of the home down here if you wanted.to exclude anything from the sale of the.property if if they had a leased solar.system on the property if they had a.leased water filtration something like.that that you didn't want to convey with.the sale of the property this is where.we would identify that any questions.here great initial here in the corner so.this top portion here just identifies.when we will be taking possession of the.property after we close escrow or we.could even allow the seller to remain in.possession of the property after escrow.but we're gonna identify all that right.here in the top so any other disclosures.it just goes over here as to you as the.buyer what disclosures you're allowed to.or that are available for you to review.throughout the escrow process that are.gonna weigh in on the decision on.whether or not you want to continue and.close escrow on the property any.questions here no you can see here at.the very bottom it shows that the seller.has the first seven days of the escrow.period to provide us with all of the.disclosure materials.okay so just initial here in the corner.we're going to have the first 17 days to.review the condition of the property and.review all the inspection reports and.all the disclosures from the seller that.first 17-day contingency period for all.of our inspections will be that.opportunity for us to really dig in deep.and make sure that the bones of the.house are exactly what you're looking.for okay.does that make you feel a little bit.more confident a little bit more.comfortable I thought it would now title.investing this is where you're going to.partner with escrow.to figure out how you're going to assume.title of the property that's above my.paygrade that I'm not somebody that's.going to be able to tell you how to take.title so you're going to want to partner.with them partner with a tax.professional or if you have an attorney.those would be good entities to rely on.as to what impact the different vesting.--zz are going to have on you and your.tax liabilities alright just initial.here in the corner so time periods and.removals of contingencies so throughout.the escrow period each contingency.period is a set timeframe when we come.to the end of each time frame we'll be.removing those contingencies as we hit.okay so once we've reviewed all the.inspections and we've reviewed the.appraisal and we're ok with any repairs.that need to be completed and we've come.to terms with the seller we're going to.remove that contingency then once we've.got the loan all dialed in and.everything's approved and we're ready to.move forward we're gonna remove that.contingency as well okay and that's.pretty much what this says here now I.haven't had it happen to one of my.buyers but I want to give you a heads up.once we've removed those contingencies.at that point if you decide to not move.forward with closing escrow we are gonna.be forfeiting that earnest money deposit.to the seller and that's for damages.from having their home off the market.while we've been in escrow and I'm sure.if you were in their shoes you would.want some compensation for that as well.right perfect so any questions here.about how that affects you know just.initial here in the corner.this again goes over how proration zuv.property taxes and other items work.escrow and your lender are gonna be.going through that with a fine-toothed.comb to make sure that you have all the.financial data that you need and all.that data that you need in order to move.forward confidently with this purchase.again above my paygrade yeah that's why.I surround myself with those experts so.that way they're at your disposal.they're gonna be able to go over that.with you and answer any questions that.you have about proration zuv taxes and.things like that scope of duty and.compensation here's the best part for.you as the buyer my compensation is paid.for by the seller so you don't pay.out-of-pocket for my services which is.awesome scope of duty again it goes back.to that initial form where I have a.fiduciary duty to you as my principal to.make sure that you are protected.throughout the escrow period and that.everything I do is at your best interest.all right it's pretty nice to have an.agent on your on your side right joint.escrow instructions and the escrow.holder so everything we're filling out.here all of these requests all of this.offering that we're giving to the seller.once approved this will become the.escrow instructions so escrow is this.third party entity that doesn't have.anything to do with the buyer the seller.that other agent or myself.they're completely I alone.they're going to get all of this data.they're gonna then set up their time.frame based on what we've offered and.they're gonna hold each party.accountable to doing what they said they.were gonna do they're gonna make sure.that the seller gets all of their.disclosures they're gonna make sure that.we've signed off on our contingencies.they're gonna collect all of the monies.and then they're gonna distribute all of.the monies and move forward and work.with the other parties to make sure.everybody does what they're supposed to.do does that all make sense.perfect just initials there in the.corner.so occasionally people don't always.agree.and what this portion here says is that.if we ever run into a situation where we.don't agree with them they don't agree.with us and we just hit this impasse.before anybody steps into a courtroom.before anybody starts throwing out.lawsuits we're gonna go to arbitration.and mediation to find an amicable way to.figure this out before it has to.escalate to any lawsuits so that makes.sense.perfect three sets of initials here.alright next so selection of services.and service providers now you as the.buyer you are going to be selecting the.home inspector that you want to use you.select the lender that you want to use.and then for escrow and title the seller.will be selecting those services if.there are any repairs that are needed.throughout the escrow process you as the.buyer are going to be able to select the.repair people in order to do those.services does that make sense.perfect time is of the essence so.everything in this contract is all time.bound and time stamped so we want to.make sure that we know what these.contingency periods are what dates those.are associated to and that we're ahead.of that curve and that's my.responsibility I'll make sure that we're.ahead of all of those curves all right.now here's a list of definitions of.different terms that you're going to.hear throughout the escrow process I.always tell my clients keep this handy.because as it pertains to different.things that happen throughout the escrow.it's like drinking from a fire hose.there's just so much data and so many.different terms and things to try to.remember it's considerably overwhelming.okay so it's nice to have this little.index of definitions to reference back.to whenever you have a question and of.course I'm always here for you as well.no questions here here it is it's kind.of exciting.I need your autograph right here in the.corner all right.and then upon acceptance of the offer.will be opening escrow and that's what.this portion here says right now okay.and this portion here is where the.seller is going to be signing the offer.to accept it and then I get to sign.right here.and then down here in the corner is.where we acknowledge that this is still.part of the initial offer.so just initial down here in the corner.perfect and then earlier I had said that.we're going to come back to the buyer.inspection advisory pop-up we found it.what this does is it gives you a cursory.overview of all the different types of.inspections that are available to you.throughout the escrow process okay.so everything from square footage and.boundaries to wood destroying pest.report.oh my goodness I mean just driving.around the neighborhood finding out.where the schools are finding out where.the the laundromats are all of that.that's all part of our inspection.advisory process okay just get your.autograph here at the bottom.congratulations.I'm gonna get this sent out and I'll let.you know what I hear from the seller.

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Purchase Agreement Form FAQs

Here you can acquire solutions to the most popular questions about Purchase Agreement Form . If you have specific doubts, press 'Contact Us' at the top of the site.

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How can I buy real estate with my rollover IRA?

Yes but! I personally don't like these QRPs or qualified retirement plans (Roth-IRA, Solo 401ks, etc) if you are an active real estate investor. If you are conservatively using prudent leverage and finding decent deals there is no reason you should not be able to retire in 10 years or less and thus negating the very reason for these accounts. When you have money in these accounts it sounds good that you are not taxed on gains but you are restricted from getting a Fannie Mae loan. Using the QRP loans get you the second tier financing options, for example, a Roth IRA can buy real estate on leverag Continue Reading

How do I start a startup entity without a lot of startup capital?

I second John Seiffer and especially his point #1. And I'm not a lawyer either but I've learned the hard way that those first few hundred dollars are not the best place to save money. What you put into a corporation or LLC initially can save hassles or cause them later. The nature of the business matters a lot. For example, many businesses start without the legal entity. For example, I did startup and business plan consulting for more than 10 years without a legal entity, just billing clients as a person, having them write checks to my name and do tax reporting to my name and social security n Continue Reading

As the company, how do I correctly fill out a Stock Power as part of a stock purchase agreement?

The Stock Power in question evidently is an exhibit to a Stock Purchase Agreement by which the OP is purchasing restricted stock that is subject to forfeiture or repurchase by the company, entirely or in part, probably based on how long the OP continues to work with the company. Yes, just signing is the proper thing to do (from the company’s perspective) because at this time it is not known whether, or to what extent, the OP’s shares will be subject to forfeiture or repurchase. So, if and when the time for forfeiture or repurchase arrives, the company will fill in the rest of the Stock Power to transfer the forfeited or repurchased shares to the company - you will keep the shares that have vested as of that time. For the OP’s comparison, and for the benefit of Quorans who are not familiar with such Stock Powers, here is the text of the instructions that I put at the bottom of a Stock Power: (Instruction: Please do not fill in any blanks other than signing at the signature line. The purpose of this Stock Power is to enable the Company to exercise its right to reacquire Restricted Shares in the circumstances provided in the Restricted Stock Agreement without requiring an additional signature by the Grantee.)

How can I claim the VAT amount for items purchased in the UK? Do I need to fill out any online forms or formalities to claim?

Easy to follow instructions can be found here Tax on shopping and services The process works like this. Get a VAT 407 form from the retailer - they might ask for proof that you’re eligible, for example your passport. Show the goods, the completed form and your receipts to customs at the point when you leave the EU (this might not be in the UK). Customs will approve your form if everything is in order. You then take the approved form to get paid. The best place to get the form is from a retailer on the airport when leaving.

What's the weirdest thing a guest has done at your house?

These are amazing stories…I’m not sure mine comes up to the standard (as it were) of other folks’ astonishing experiences. But here it is… When I was finishing the doctorate, I got a grant that covered about three months of research time in England. My husband decided he would take a sabbatical from his firm and come with me. We had a beautiful home in a historic district, and we had a couple of cats. So we needed someone to house-sit while we were gone for such a long period. The office manager at my husband’s law firm volunteered to do this. He had house-sat for other people and was known to b Continue Reading

Is a purchase agreement binding?

In the united states? No. If the other side did not hold up to their side of the bargin by failing to provide goods or services as promised, the contract is void.

Do military members have to pay any fee for leave or fiancee forms?

First off there are no fees for leaves or requests for leave in any branch of the United States military. Second there is no such thing as a fiancée form in the U.S. military. There is however a form for applying for a fiancée visa (K-1 Visa)that is available from the Immigration and Customs Service (Fiancé(e) Visas ) which would be processed by the U.S. State Department at a U.S. Consulate or Embassy overseas. However these fiancée visas are for foreigners wishing to enter the United States for the purpose of marriage and are valid for 90 days. They have nothing to do with the military and are Continue Reading

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