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The Stepwise Tutorial to Ohio Estate Contract Form

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Must-knows concerningOhio Estate Contract Form

okay good morning.this is today's class is the as-is.contract writing the contract and the.applicable addenda that can be attached.to the contract the most common ones are.the ones that we'll go over but will.field questions the idea of going.through this is to understand how to.protect yourself how to protect your.customers and what you should be really.thinking about when you're walking.through and writing these contracts so.I'm doing this in transaction desk but.you can write contracts in a multitude.of different ways form simplicity.transaction desk dot loop or old school.by hand those are the most common.methods that are utilized please try and.use one of the first three it'll make.your life easier what do you guys using.right now Robyn if you had to write a.contract that it would use it was a.little antiquated transaction desk is.phenomenal so you took that class if you.have a decent comfort level with it.stick with it as it will make your life.a whole lot easier okay awesome and you.said oh I met those guys way back when.Jodi what form simplicity okay Denise a.I know he's formed simplicity so I'll.say form simplicity for you guys.[Music].so I prefer transaction desk have you.have you written the contract yet no no.okay well what would you utilize have.you had any insight on where you would.go paper and pen okay so we're going old.school there.I love transaction desk it makes my life.so easy especially with electronic.signature filling in saving the forms.going back modifying them later on and.it's free depending on which board.you're with well board you with okay so.you don't have transaction ask anyways.you know form simplicity yeah sorry do.you Miami and Fort Lauderdale Fort.Lauderdale and Palm Beach merge so it's.Palm Beach Fort Lauderdale and then.there's Miami but it's six in one hand.half dozen the other they're very very.similar.Miami has some benefits that are better.than Fort Lauderdale for a lot of.dollars and benefits that are better.than Miami price wise are about the same.you had a question no forum supposed to.be a for simplicity's fine I mean you.just have to pay the upgrade for the.electronic signature that's it.yeah it's 50 a year right breaking the.bank that's where we got our pricing.structure from okay so the as this.contract it is the most commonly used.contract form to renovate an offer on.purchasing a property in fact over.ninety five percent of transactions last.year we're done on as is contracts the.standard purchase agreement just is not.utilized very frequently anymore.mainly because it is just clear.straightforward everyone knows what.they're getting into when they sign on.the dotted line and there's really not.an open-ended where you can require them.to fix a thousand different items from.an inspection report it's I'm buying.this house I'm selling this house okay.here's how it looks this is how it comes.if you find a big issue let's talk about.it other than that we're going forward.okay so the as this contract can be.found by going into any of these.databases searching for as is as space.is and pulling this up so we're gonna.write through a sample one here and go.over some of the common clauses that.cause issues or conflicts between.and sellers so to have a good working.knowledge of them will help you avoid.having any of those issues or being able.to foresee if that will be a problem.going forward so in the sellers line.that's pretty straightforward but we're.gonna pull the sellers information from.a property tax record in this case we'll.say it's a husband and wife Mary Smith.and John Smith if it's a husband and.wife you must include both of them if.it's a corporation include the.corporation use the name as it populates.on the tax record if you're writing your.contracts to perform simplicity or a.transaction desk you can click through.the MLS to start your deal and it will.Auto populate all of that information.for you the buyer again is the name of.your buyer in our customer is Ruth's.Chris okay just for an example you'd.spell out the entire yes yes same thing.it will appear on the tax record utilize.the entire name so if it's in a trust.you'll write Marilyn el Silverman re V.trust no that's overkill no that's for.closing documents itself the contract.will still be enforceable whether it.says that or not good question though.the question was if you have to say.husband and wife or single or married or.something like that and next to the name.and no you do not okay.next physical street address this will.obviously be the street address of the.property itself including unit number.name city any designation this was for.unit number and again if you're building.this through the MLS it will.auto-populate this information for you.make sure you fill in the county it's.located in and the property tax ID this.is all being pulled from the tax record.whew if you did it through the MLS for.example that would have automatically.populated so you don't really have to.worry too much about the seller the.address the county the tax ID and the.legal description that will all.automatically populate for you saving.you some time okay so we have a legal.description this next section here the.personal property is one that I want to.focus on real quick okay so it lists a.lot of information in there and this is.probably one of the largest clauses I'd.say the third largest clause in this.contract that causes conflict with.buyers and sellers so the personal.property includes automatically range.oven refrigerator dishwasher disposal.ceiling fans.intercom light fixtures drapery rods and.draperies blinds window treatments smoke.detectors garage door openers security.gate and other access devices and storm.shutters / panels what's not included.there.don't say it what's not included their.most common thing that would come in a.house it's not included there yeah what.so thanks Dan.washer/dryer and there's there's one.more it's one more common one the fridge.is on their fridge is up here that's.okay we forgive you let's strike one.think about your kitchen what's in your.kitchen you have a dishwasher that's on.there you have a fridge it's on there.you've a stove that's on there microwave.microwave is not listed on there so if.the home has a washer and dryer a.microwave that are in the home when you.see it if you don't list it on there the.seller can take those with them and they.will it will happen more than you expect.so even further along those lines let's.say there's a really nice Samsung.front-load smartphone controlled washes.fold steams and packs you lunch to go to.work the washer and dryer just top of.the line if you do not specify the type.of washer and the type of dryer they can.replace it with something lesser as long.as there is a washer and a dryer so make.sure you either attach a picture of them.from the MLS to the back of the contract.making it part of the contract or.specify stainless-steel Samsung washer.stainless steel Samsung dryer etc etc.specify more information depends if it's.hung know if it's mounted like a statue.in the middle of that like grouted or.mortared to the floor yes so if it's not.going to be included that would go in.the next section here the exclusions.list specifically for example you'll see.on the MLS chandelier and breakfast area.dining area and mounted speakers are not.included things like that nest products.so if it's there left in the house it's.expected to be there.you must leave a thermostat so if you.want to take the nest with you put it in.there but if there's a nest on the.property on your property you're making.an offer on list it on there if you.notice this did not specify thermostats.make sure you include that it has to.have one for the air conditioner or.function but it doesn't specify which.one it has to have did you have a.question no ok so we talked about that.section of inclusions now let's go a.little bit further into that section if.let's say you don't include that and.there was a washer and dryer on the.property you get to your pre closing.walkthrough and the washer and dryer are.no longer there yes you can strongarm.the seller it was supposed to be.included but if you did not include that.who's who's everyone looking to whose.fault is it it is it's the realtor your.buyer's gonna be mad at you your buyers.gonna be mad at you the seller is gonna.be laughing the listing agents gonna be.laughing saying hey I don't have to do.anything about it it's gonna fall on you.as the buyer's agent.so make sure you're including that if.there's a washer and dryer make sure.make sure make sure absolutely.absolutely so if you've taken any of my.contract classes in the last three years.you know to enter washer/dryer microwave.just avoid that altogether and it's good.you're gonna end up paying for it and.your customers are still going to be.done set you know dissatisfied with you.regardless even if you pay for a.beautiful front loader it doesn't matter.they're still going to they're still.going to have that sour taste in their.mouth so make it a positive experience.include that stuff we mentioned this.briefly the exclusions if there's.anything that you know is not being.included in the property make sure you.list it there so there's no.misconceptions or miscommunications with.your customer that is usually spelled.out in the MLS itself under broker.remarks or in the attachments if they're.leaving all of the furniture you have a.couple different options so in the.inclusions obviously there's not enough.space there to list every single piece.of furniture however if you include all.of them and place a value on them that's.going to be taxed as part of the.purchase so the best move in my opinion.is to write see exhibit a attached.either a list of inventory called.Exhibit A or photos from the MLS.pointing out everything that's in there.circling circling circling circling all.the pieces of furniture that are that.are going to be included that's a really.interesting question and I actually have.not seen a circumstance like that come.up but I would the question was if.there's mechanical equipment outside.attached to the pool do you have to.write down that your that it's going to.be included I would I would just to be.sure it is mounted so it should stay.however and it will cause damage taking.that out so I would think that it would.have to stay however I wouldn't.included just to be sure there's no.reason not to write it on their handicap.accessible device on pool there's no.reason not to it takes a couple seconds.to add it the pool vacuum the vacuum.that plugs into the side of the pool.inside the pool that's not included.unless you write it in there.that's a removable device okay any.questions on personal property.inclusions or exclusions it's one of the.most common errors that realtors make.writing contracts okay moving on.purchase price.congratulations $750,000 purchase Ruth's.Chris is happy okay.so the top is obviously the offer price.that we're going to be making or if the.final agreement contract price when you.make an offer okay she's in the wrong.place she's on zoo she's on join me she.needs to go to zoom dot US / j / our.phone number can you send her the link.syl okay all of our classes are on Zoom.now not join me fYI that link has been.removed anyways so this is our offer.price now when you make an offer what is.the best practice to go forward as far.as countering back and forth or.negotiating what would you do if you're.the listing agent and you have someone.write you an offer and you need to.counter are you going to cross out the.purchase price initial and send it back.are you going to go back and forth by.email or phone or text message well how.are you gonna be negotiating back and.forth.anybody correct I agree I agree it must.be in writing to a certain extent I.would not go back and forth on the phone.I would do something either by text.message or email.so I hate seeing contracts where you.cross it out and you modify it four or.five times it's a messy contract that I.hate it and there usually leads to.confusion which version of the contract.are you looking at right.so from an initial offer I prefer you.can still do that there's nothing wrong.with doing that that's how old-school.brokers would advise you to do I prefer.to go back and forth in writing by email.or text message until we have a final.agreement when we have a final agreement.I'll write up a clean contract that way.it's clear transparent everybody knows.the effective date there's no.misinterpretations of when this initial.was done when that initial was done I.just want to write a clean contract so.back and forth by email or text until.you get a final agreement of course you.can cross out and write an initial as.many times as you want but it just leads.to confusion my opinion Oh 100% the.worst thing that you can do is only.modify the first page and send one page.back and forth as I guarantee there's a.different change or a different.modification or a different date on.another package and then you are.printing matching scandic write a clean.contract okay I've seen a few contracts.where they modified the first page they.sent back the entire contract package.but there were two first pages because.they couldn't remove one to put the.other one in so they sent a new first.page and then the entire contract from.the old one so it led to confusion write.a clean contract okay.escrow deposits initial deposits so.there's a lot of conversation about how.much is enough to put down for an.initial escrow deposit and a lot depends.on the type of transaction that you're.doing is it a personal purchase for the.residents is an investment cash.conventional VA FHA what is it so.there's no set rule there's no way to go.in that so it's a matter of finding a.balance of what the seller believes is.enough of a deposit to keep them in the.game but not too much that the buyer.feels that they're throwing too much.down there's a fine line there so think.about what each transaction goes into.let's talk.first cache means they have all the.money they're paying the entire amount.so 10% of a deposit is very realistic.obviously the investor wants to pay as.little as possible and the seller wants.as much as possible ten percents a.reasonable number in my mind in fact if.you make an offer on a HUD property ten.percent is the required deposit so let's.follow our government on cash deals no.HUD is one deposit ten thousand dollars.now 10% down excuse me it's completely.open you can break it down everyone.however you guys agree upon great.question so the question was if they if.you have a three-day inspection period.and you have whatever a $10,000 deposit.due within three days according to the.first page here are they required to.make the escrow deposit if they cancel.prior to the end of the inspection.period no they're not required to so.let's say they cancel on day one or day.two that third day where their escrow.would have been due never came to never.came to occurring as they cancelled on.day two if they wait and they don't.cancel until day three they're still.good but if they wait to date four.they're in default not only do they not.have the right to cancel but they didn't.make their escrow deposit in time so if.that's I mean a three day inspection.card is really low regardless they would.do a releasing cancellation to alleviate.to relieve all all liabilities to the.contract although there's no money that.has to be exchanged if they were in.default there's a lot that could happen.the seller could make a claim on the.deposit whether they made it or not the.interesting part of this contract is.collected funds so initial deposit to be.held in escrow and the amount of checks.subject to collection.okay for the definition of collection.see standard s that talks about whether.funds are paid or not paid the money can.be can be retrieved from the seller from.the buyer to the seller so let's say.they didn't make the deposit an they.defaulted on the contract the seller can.then sue the buyer for whatever that.first line states that the initial posit.would be lets say they default let's say.there was a seventy-five thousand let's.say I put a ten thousand dollar deposit.down here and I did an additional.deposit at the end of the inspection.period of another ten thousand I get.further along in the contract and I.default somewhere and I didn't make that.second ten thousand dollar deposit the.seller can now sue me for twenty.thousand not just the ten that was in.there they can go after the full twenty.because these are considered collected.or collectible funds whether made or not.how often does that actually happen.extremely rare extremely exactly there.is an escrow dispute right now one of.our agents you heard about this one for.a hundred thousand dollar escrow deposit.that was twenty five percent of the.purchase price that's a risk okay so we.talked about cash approximately ten.percent being a good fair number.conventional financing they're putting.anywhere from five to twenty percent.down on their mortgage what would be.realistic there I think five percent is.realistic there so that would be thirty.seven thousand five hundred in this case.they're putting down four times that.amount approximately for their mortgage.conventional conventional they'll put.anywhere I mean there's conventionals as.low as 1% down now so it depends on.their mortgage specifically huge I would.put more money down as an escrow deposit.[Music].not necessarily but you're still gonna.have closing costs on top of that one.percent and they can utilize that escrow.deposit towards closing costs and.prepaid expenses so let's say I'm doing.a 1% down mortgage on a $750.dollar purchase yes I'm only really.putting down $7,500 on my mortgage.however my closing cost on a $750,000.home are going to be a lot higher than.that so let's say I throw down 5% that.4% will cover my closing costs but.that's a case-by-case basis.in this sense 1% of 7,500 a $10,000.deposit might be enough that might be.enough to make the seller feel that he's.in correct go ahead I'm listening how do.you convince them to take a 1%.conventional mortgage over a cash deal.have your buyer that's on the 1%.pre-approved a step further instead of.just a standard pre-approval have them.go through the full approval process.underwriting desktop underwriting only.needing the appraisal to qualify for the.property that's one number two is make.the other terms of your offer more.aggressive a cash offer has a benefit.over us where there's no financing.contingency and the inspection period is.typically less on a cash buyer right so.make your inspection period more.aggressive do we need 15 days for an.inspection.no do we need 30 days for our loan.approval no especially if they've taken.that extra step gone through.underwriting already just have to employ.and put the property you can get that.done like 12 to 15 days they can get.closed within 15 18 days so for them and.most likely your 1% conventional the.value or the offer is a little bit.higher in the cash one non conditional.financing yeah absolutely you can do.that now that's been around for years.what we'll get there though we'll get.there that's gonna be in the financing.contingency section okay we talked about.cash we talked about conventional for.escrow deposits FHA they're putting down.three and a half.well obviously I'm not doing an FHA at.750,000 let's say I'm doing a $250,000.FHA I would say one or two percent is.probably sufficient in that case 2,500.to 5,000 dollars escrow deposit and FHA.buyer typically does not have a lot of.money to put down that's why they're.doing FHA so keep that to a minimum but.high enough that the seller feels.confident that they're in the game that.they have enough skin in the game to.stay in the contract and not just walk.away from it I hate seeing $1,000 escrow.deposits I despise that and I would.never take an offer with $1,000 escrow.deposit that is very easy to walk away.from even on a VA mortgage where they're.doing a hundred percent financing.they're still gonna have closing costs.so they can put down more than that and.the last type was VA so VA the minimum I.will do on any VA is three thousand.period doesn't matter three thousand.dollars and it should I feel it's that.barrier it's that line that's just.enough that they don't want to walk away.from it but it's also enough that I'll.cover their closing costs without being.excessive I have a personal friend doing.a VA loan that is closing on a week from.today actually and it ended up costing.them this is incredible VA loans are.incredible ended up costing them six.hundred and seventy seven dollars to buy.this house including all closing costs.and their inspection 677 dollars crazy.VA loans are amazing and this guy didn't.think that he could buy a house for.years and years and years and with VA.you can be creative so we had a small.credit from the seller small credit from.the realtor small credit from the lender.and $677 auntie know the only difference.really between a VA appraisal the.difference between a VA appraisal and.FHA appraisal and a conventional.appraisal is that little extra item so.on VA they require certain other.inspections to be done like a roof.inspection a termite inspection as well.where that's not required with the other.appraisals but even when the value comes.in they still require those.to reports in order to back that.appraisal on an FHA it's the same thing.they don't require the W do the termites.and the roof but they do require an.appraisal an FHA appraised on a.conventional phrasal pretty much exactly.alike the only difference is a.conventional appraisal a conventional.appraiser must be certified to do FHA or.to do VA but the process of valuation is.exactly the same couple different.reasons why would you not see an FHA on.a listing a couple different so number.one is lack of knowledge not.understanding what the difference.between them are number two could be the.value of the property there are.limitations in per county on the values.that can be accepted through an FHA or.VA.number three would be automatically.knowing that one of the four major.systems of the house is defective like.the roof needs to be replaced.the air conditioner twenty five years.old something along those lines that.would that would prohibit a FHA or VA.appraisal from being approved it would.be a subject to appraisal which requires.certain repairs to be done appraisal.value as well so that's that is a.misconception so if in FA che or a VA.appraisal are complete and the value.comes in low it goes into a system.specifically for FHA or VA appraisers so.if they go and they turn around and it.under appraised then the deal dies that.is only in those systems for those types.of loans so let's say an under praise.for an FHA and they didn't work out the.valuation they go back on market they.now know I'm not going to take an FHA.because that appraisal came in through.FHA and is registered it's gonna stick.there.same thing with VA but that means you're.looking for conventional buyer it also.means you're asking too much for the.property so they would also not take an.FHA or VA if they know they're priced.above market condos and townhomes also.don't accept them or don't qualify.correct and there that's an interesting.point so it's with condos and townhomes.mostly it depends on how the governance.is and the financial situation of the.Association itself but what's really.interesting there's some legislation.that our PAC is supporting and.campaigning for do you guys know what.our PAC is.realtor political action committee so.it's money that we donate or hopefully.donate every year if everyone can donate.25 bucks if you didn't uncheck that.little box when you pay your dues you.automatically paid thank you so what our.PAC does is campaign and lobby and go.with our government officials to try and.get legislations approved or passed or.removed depending on the interest for.that protect Realtors brokers and.homeowners the rights of all of them so.one of them they're trying to do is get.HUD to release or or lessen the.restrictions on certain condo and.townhome communities to be approved for.FHA and VA it's mostly because of the.affordable housing issue there's a limit.to the the different options for.affordable housing in the tri-county.area right now especially and doing that.would open up more properties for people.that are in that price range for more.affordable housing yeah they're pretty.pretty uh sporadic for but getting that.change would be nice that would be great.but the reason they do that is to.protect of the people that are securing.those mortgages I mean think if you're.an FHA buyer you have limited funds to.move into a place you move in and boom.they're in terrible financial situation.as an association they have to hit you.at a ten thousand dollar assessment that.person will be in a world of trouble so.they've done it to protect the consumers.and to frustrate the Realtors okay so we.digress a little bit here but we're all.back on escrow deposits I'm gonna say a.ten thousand dollar deposit here we're.doing.conventional mortgage so I want to end.up with about 10% excuse me 5% in in.escrow for this property and I'm gonna.start with 10 because I'm really worried.about the inspection of the property I.know there's going to be some issues.that come up and I'm gonna head to.address them.so I need to get to a total of thirty.seven thousand five hundred so what I.will do is put a secondary deposit of.twenty seven thousand five hundred in.fifteen days after my inspection period.is over I did two hundred seventy five.thousand okay I'm gonna leave it at ten.days and I'll explain to you why when we.get to the inspection period 15 days is.our default if you leave the contract.blank it's way too much time it's not.necessary the only time that you would.want to leave it at fifteen days is if.you're concerned about the appraisal and.get the appraisal ordered and rushed.right away so that you get that back.before the inspection period is over.regardless we're still here so initial.escrow deposit check off that second box.it's due by default within three days.and this is this must be filled out you.must fill out where this money is going.otherwise you're going to be writing up.a separate addendum on where that money.is going as it must be defined well it.takes off the other one when you check.it if you check both which one would if.none is checked it defaults as the.second one if neither box is checked.then option two shall be deemed selected.which is this one so you don't.technically have to fill that one in but.why wouldn't you and you should always.fill this in with Florida titles.information regardless if you don't know.let's say you're making an offer in Palm.Beach and you're on the buyer side the.seller typically selects title company.the title company for closing and pays.for the title insurance in Palm Beach.but you don't always know who that is.right away in order to make sure that.your buyer has clear direction on where.their paws on must go and all parties.understand where it must go fill this in.if you don't know who it is put in.Florida tie.there's no cost you can deposit a.florida title and then we'll figure out.who the closing company is later it is.your duty to offer Florida title as an.option because without Florida title and.ANP we would not be here today with our.low monthly fees and our low transaction.fees so to support our in-house services.ok moving down so we did an initial.deposit of 10,000 we did a secondary.deposit at the end of my inspection.period of 2075 so we're at a total of 5%.down payment.excuse me sto deposit on the total.purchase price very solid financing.since we did a 5% escrow deposit that.leaves 95% but we're doing a 90/10 let's.say conventional mortgage 10% down so in.this field I will throw 90% and you see.how this system automatically calculates.my final balance so we put down thirty.seventy five in escrow and we'll also.have to bring to closing 37 five plus.any closing costs you do not calculate.closing costs in here please don't put.your financing on another line it must.go on the financing line and there is a.reason behind that this financing line.defines the loan amounts term as a.defined term in the contract the loan.amount term is referenced in the loan.approval or financing contingency.section if you put zero or let's say I.took that line and I made a mistake and.I put it down here under other 90% I.can't even do a percentage let's say I.put five hundred thousand is what they.were financing just staying an example.okay because I left this financing line.blank if I have to defend my contract my.financing contingency says contingent.upon receiving approval of financing.within 30 days of this amount so it's.contingent upon me being qualified for a.zero loan so your finance and.contingency is pointless if you leave.that field blank do you get that.I'll talk to I'll talk about it again.when we get back to the financing.contingency okay yes and no when you.already have a contract pulled up.you can't auto populate that information.however if you use a contract package.that's built into foreign simplicity.that I put in there it has that.information by default i I could only do.it on Form simplicity not on transaction.desk but it's in there so I may be.flopping the two of them I may be did in.transaction - but not pipe not form.simplicity I will double check but there.is there are contract packages that if.you use them there is default.information in there I know the reason.to use simplicity is because it's simple.I love that name anyways okay going back.we will continue on but I did want to.point out one thing in this section.let's say we're doing a VA loan which.has to be lower we'll say two hundred.fifty thousand and I mentioned I like.doing three thousand dollars from my.escrow deposit you've got a hundred.percent financing okay if you notice.that bottom line calculated negative.three thousand because when we're doing.a hundred percent financing that will be.refunded to the buyers they're putting.down three thousand really just to hold.the property but that will come back to.them and close it they don't actually.have to take that money in fact VA.prohibits them getting money back at.closing.but that money can be utilized towards.closing costs and prepaid expenses so.they're still going to use it you're.putting three thousand down yes but it's.not on your mortgage it's just to.reserve or good faith deposit on the.transaction and that money will be.applied to your closing costs as part of.your closing okay so let's go back we.were at 750 right.ten thousand and ninety percent and.twenty seventy five okay nice time for.acceptance this section here this is a.time in order for the seller to place a.counteroffer back to you or to accept.your offer.by default all of these times and dates.are calendar days remember that if you.place two days but it's all it's all by.the end of the calendar day so let's say.I put in here today is June 8th let's.say I put June 10th in here okay they.can answer me up through midnight of.June 10th 11:59 p.m. of June 10th.there's a lot of confusion whether their.deadline is 5:00 p.m. or midnight the.only time your deadline is 5:00 p.m. is.if a date or term on this contract end.on a holiday or a weekend let's say your.s let's say we wrote our escrow deposit.today we did our contract today and we.did a 2-day escrow period where the.money must be turned in so today's.Friday today's our effective date.Saturday would be day 1 Sunday would be.day 2 these dates cannot end on a.Saturday Sunday or holiday so by default.that deadline would automatically move.forward to Monday at 5 p.m. the only.time it's 5:00 p.m. 5:00 p.m. is when.you have to progress forward because it.ended on a Saturday Sunday or holiday.there is only one date in this contract.that is not subject to Saturday Sundays.and holidays it's the time for.acceptance so I'm writing the contract.today my deadline is on Sunday my.deadline is still on Sunday midnight on.Sunday ok 48 hours is plenty of time to.get a response if they can't answer in.48 hours I believe they're lying to you.the sellers traveling okay they have a.phone they have email they have Facebook.they have whatsapp they have a multitude.of different ways that they can.communicate and I'm sure that was.planned what if we get an offer we're.going out of town there's there's always.a way to communicate any longer than 48.or even 72 hours at the longest is too.long it's leaving your offer out there.for other offers to come in and compete.with you 48 hours is my default okay.closing date on the bottom remember.closing dates closings cannot occur on.Saturdays Sundays or federal holidays.let's say you made a mistake and you.list it a Saturday as your closing date.Monday at 5:00 p.m. is your closing date.okay that progresses so how long should.I set my closing out for the process of.probably ting a loan application and.getting to a closing table has become.more and more efficient even with the.CFPB guidelines from a couple years ago.and the tread changes it's become more.and more efficient so this depends on.the type of mortgage you have cash deal.two weeks.FHA 30 days va 35 maybe conventional 30.days or less I've seen conventional.deals close in 21 days so depending on.how together your buyer is and how quick.the lender can tell you that they can.close anything with financing I would.leave it at 30 days there's no reason to.push faster than that it's it's.aggressive enough cash up to you guys.talk to your buyer okay in this case I'm.doing conventional I'm gonna set it 30.days out but remember they have two days.to respond to me so I'm gonna set it 30.days from my date of acceptance is if I.do it 30 days from today and they don't.answer me for two days or we counter.back-and-forth I then have an issue and.I'm cutting into my timeline so I do 30.days from acceptance if we have to.negotiate times I push that back a.little bit more depending on how many.days it took us to negotiate you have a.buyer what's due 45 days go for it what.I would do before you write that offer.or give them a response is okay I.understand you want to do 45 days.let me see what the sellers mentality is.or what they're doing because sometimes.they will prefer a longer one for.example this VA deal was a 65 day.closing when I told you about earlier 65.days because a seller that was selling.still had to find a place to buy they.defined where they're going to so they.wanted a long closing to give themselves.time to look for another property.sometimes it will be a vacant house.ready to go and they're closing as soon.as possible that's another term you.negotiating back and forth seller wants.one thing just selling wants 500 grand.buyer once pay 300 you know you're.negotiating everything is up for.negotiation in this contracts what is.typical or normal doesn't matter.everything's negotiable perfect perfect.scenario so there was a tenant in the.property the buyer didn't want to have.to deal with the carry over from a.tenant or worried about the security.deposit or they wanted to move into the.house right away maybe it was a.condition of their mortgage maybe it was.an FHA deal and they had to move in.within 30 days and there's a tenant in.there you're postponing it until that.point until that point where they'd be.able to move in or have the tenant out.[Music].so the question was if there is an issue.like that how do you write it up to.automatically extend the contract in.order to still be under contract even if.there's an issue like a cloud on the.title or a lien a code violation.something like that right so there's a.few different ways depending on the.scenario if it's a tenant in the.property you just set your closing date.to an extended period and you wait for.the closing date there really is no.extension if the tenant didn't move out.you guys have the option of doing an.extension but your closing was so long.your.not doing multiple extensions if it's a.code violation issue and you know it's a.code violation issue you can list that.under the additional terms there's not.something built-in for code violations.unless they've become liens once they've.become liens they become a cloud or a.defect on title and there's the 120 day.automatic extension giving the seller.the op the opportunity to clear the.defect on title and that is.automatically included but at the end of.that term the buyer has the option to.continue that continue that on to clear.the code violation or the lien at that.point but by default always right in two.additional terms sellers responsible to.closeout open permits open or expired.permits and/or code violations prior to.closing you could write in addition to.that buyer agrees to extend buyer and.seller agreed to extend contract up to a.period of X amount of days should there.be any additional time needed something.like that a required closing date time.for a specific mortgage now it all.depends on how quickly the lender can.get it through yeah okay questions on.closing date or before you can you can.do honor before that's fine you can do.honor before you can write the date if.you do in additional terms if the.property is vacant prior to closing day.buyer and seller agree to move up or you.can just do an addendum on it modifying.the closing date at that time even if.you write honor before there are some.title companies that will require you to.do a separate addendum defining the.closing date because the lender wants it.those pesky underwriters okay now we'll.get to that under additional terms let's.talk about it when we get there.so we have extension of closing date is.our next section and the reason this.is important is it commonly comes up.where you get to the day before closing.and the lender says I'm not ready yet we.don't have a clear to close we still.have to wait three days once we issue.that clear to close and the closing.disclosure this clause was inserted a.couple years ago with the tread changes.in the CFPB waiting requirements so.let's say our closing date is tomorrow.my deadline in my mind is that the.closing disclosure for our final closing.must be issued by tomorrow but wait.there's still a three day waiting period.after that and our closing dates.tomorrow aren't they going to be out of.contract no they're not that's what this.clause is protecting so in the event in.the event that the closing disclosure is.issued at the closing date or before and.you have to wait in order to satisfy the.waiting period requirements for CFPB.your contract automatically extends up.to ten days the reason I say ten days.and reason they use ten days is because.the if the buyer does not have email.they must send it by mail and it's a.seven day waiting period as opposed to a.three day waiting period with technology.now that really doesn't happen so it's.really three days but let's say they.issue it there's three days and a.modification has to be made that we add.to a certain a certain cost or closing.cost that affects the APR of the buyer.that three-day waiting period starts.over they have to reissue the closing.disclosure and wait again so this allows.a couple different changes or if they're.doing it by mail one change in order to.in order to still satisfy the waiting.requirements so that was really.confusing right it was okay so smart.today's my closing date as long as the.lender issues the final CD the closing.disclosure for buyer approval today we.don't need an extension I'm within.contract.my buyers within contract their escrow.deposits not at risk and we can close.within the next ten days okay but this.only extends up to satisfying the.waiting period so if the issue it today.and everything is good then we close in.three days.which would be from today it'd be Monday.Tuesday Wednesday we closed on Wednesday.next week okay.it's business days remember that so we.would close by 5:00 p.m. on Wednesday.good good question okay that is the only.part that this Clause up here the.extension of closing date section a is.talking about its waiting periods on.closing disclosure just requirements.okay questions about that okay the next.section this came up last year with our.hurricane force majeure in the event.that they're closing services are not.available for your closing date meaning.the insurance can't be written the title.company is closed there's no electricity.the building was destroyed for whatever.reason forever whatever natural disaster.the closing date will automatically.extend this is through standard G let's.go down there the closing date will.automatically extend to satisfy did I.miss it.went too far the closing date will.automatically extend until those.services can be restored and closed.there we go for a period up to seven.days so we had a hurricane there's no.power the insurance can't be written.because we were in the cone of the cone.of the storm we can wait up to seven.days in order to close because the.services have to be available for us to.close the lender has to be open the.title company has to be open we have to.be able to place insurance in order to.satisfy the mortgage underwriting then.you need to do an extension to the.contract this allows you this allows you.this allows you to not have to write an.extension correct.however excuse me let me rephrase okay.it's not extending you for seven days.it's extending you for up to 30 days.and once services have been restored you.then have seven days to close correct.correct.so let's say let's say you're in Puerto.Rico and you have a closing in Puerto.Rico.okay those services took a lot longer.than 30 days to restore right what.happened here so what happened here.wouldn't really have prevented us from.closing for more than 30 days so in that.case okay.the title company was open we were open.within three or four days we were back.up and running we didn't have air.conditioning it was hot but we were.functioning and there were people that.weren't so that title company still has.the opportunity to go and close in a.different location because the insurance.services are available and the lender.and closing funds are available the.banks were open okay if the banks aren't.open the lender can't issue their.closing disclosure they can't closed you.can't get insurance that's when this is.invoked.however the insurance as soon as we're.out of the path of the hurricane we can.close and we can we can get insurance we.should be able to close so typically.within 48 to 72 hours after a hurricane.we're clear let's say the unit let's say.the property was damaged the buyer can.get out of the contract they can delay.they can wait until it's completely.repaired there's many different ways.this the main the main cause of this is.regarding natural disasters prohibiting.prohibiting closing from occurring.because the other services necessary to.close are not available like the title.company the lender or the insurance if.we're in a hurricane warning can you.close no because insurance cannot be.placed it would depend on the cone the.projection of where the storm is going.is when when we're in the cone of a.storm saying that it could come anywhere.in here and we're smack in the middle of.it or even if we're on the fringe.insurance companies will not place.insurance.it can be show off at that point cash.deal doesn't stop yeah well cut this cuz.they don't know the code covers the.entire continental United States if you.can't get insurance you can't close if.it's cash you can close tropical storms.fine yeah it depends because they don't.the insurance is not a requirement to.close on a cash deal that's their.election that's not a force majeure.situation yes that's not a force majeure.situation it would only be a force.majeure situation on a cash deal is if.the title company or the bank is not.operating closing services closing and.settlement services the only reason that.we can't close because of the insurance.with finding the only reason financing.is affected is because the insurance for.the most part the availability of.services insurance or required approvals.essential to closing insurance is not.essential to a cash closing so the in.their in their situation the only way.that they're in that force majeure is.coming into play is if the closing.services like the bank holding the money.or the title company are not an.operation more often than not they're.just gonna write an extension in that.situation cuz this I mean the buyers not.gonna want to close and the sellers got.to understand that too only in Florida.do we have these conversations if the.house is destroyed in there under.contract yes sitting it out of the.contract buyer would be refunded.completely not for their inspection cost.but for the deposit there'd be a release.in cancellation all right we digressed.we're going back up.just cancel the contract just because no.no they can cancel during the inspection.period just because they don't need a.reason don't need an explanation they.changed their mind just during the.inspection here however if you have a.findings we'll get to the financing.contingency we'll talk about that a.second I want to stay in kind of.somewhat in order okay.occupancy in possession I'm gonna skip.over this one pretty quickly it's very.simple once the once the once closing.occurs the sellers are going to deliver.the property free of tenants if it's not.subject to lease free of tenants free of.issues here's the property we've closed.I've received my money here you go any.questions about that that changes so.this is talking about if if if this if.this next box is not checked the cell is.agreeing to do all of this but if.there's a tenant in place this box over.here is going to be checked if the.property subject to a lease this is.going to be checked and that's going to.govern over the contract okay if the.property is not vacant and closing yes.you're correct the bargain get out yes.no I don't believe so no buyer won't be.refunded this cost like inspection.inspection and appraisal no we're not be.refunded no I have not.I've seen where they asked but I've seen.a lot of times where they say no or.laugh in their face so no it's not in.most cases the inspection and the.appraisal are not refunded or reimbursed.items it's really just they're large.they're deposit.if the cell is being uncooperative how.cooperative do you think they'll be in.reimbursing that you can't afford you.can't force it and even if you wanted to.force them you have a $500 inspection.and a $500 appraisal is it worth suing.somebody for a thousand bucks the only.one who wins in that case is the.attorney no there's no mandatory.mediation or arbitration as part of.these we as Realtors and brokers we have.mandatory arbitration but that would be.a disagreement between buyer and seller.so no that would not resolve your.situation correct but you're gonna write.that in as part of the agreement so I.wouldn't I wouldn't check that off but I.would include under the additional terms.property to be vacant prior to closing.that way if it's not making your buyer.has an out but it's also if you don't.check that box it's already in here but.I would spell it out because that's.commonly missed any section where.there's not something to write Realtors.miss if you if you have it done before.closing the buyer can never incur a cost.to that so as long as it's vacant by.closing the buyer will never have a cost.associated okay if the property subject.to lease this is this is actually an.important field because if there is a.tenant in the property your buyer wants.to know what the deal is what the terms.of the contract the terms of the lease.are especially if they're an investor so.if the property is subject to least make.sure you check that box listing agent.then has five days to provide you with.the lease from the seller and then you.have five days to review that contract.and cancel if you don't like anything in.it so that's an additional out for a.purchaser if there is a tenant in the.property that's.if the if the buyer is purchasing a.property with a tenant in it and the.tenants are you saying the tenant moved.out prior to closing or after closing.okay can the buyer be liable for.security deposits from past tenants.coming back or tenants that are.currently there if the tenants are in.the property when they take possession.when they take ownership of it yes they.are now liable for the agreements as as.we're previously signed by the prior.owner the new buyer is responsible for.the enforcement of those agreements and.the refunds of deposits in those.agreements so when the property.subject-to lease those deposits get.exchanged at closing as part of the.closing statement but I think your.question was if a tenant moves out prior.to closing there's that time frame of.the Landlord and Tenant act where the.landlord is still responsible to refund.deposits but they had already vacated.prior to closing the buyer cannot be.held responsible for that their.agreement which was ended was completed.possession was was returned prior to.closing it's still the prior owner who's.responsible for that correct that's.still anything like that anything where.the tenant moved out the the culmination.of the contract of the lease agreement.was prior to the closing and possession.was returned prior to closing it's all.on the promise seller not on the buyer I.don't understand how that scenario comes.into play if the tenant stays in the.property the full deposit gets passed to.the new owner if the if it wasn't passed.into the owner the buyers the buyer is.now responsible for that tenant if.they're in the property if the tenants.gonna stay in the property for after.closing for 30 days.it's the buyer completely with the buyer.from day one it's with the buyer.actually from the moment of closing.okay so moving down assign ability more.often than not this last box would be.checked off which is that the contract.is not assignable but you will see many.that have the second box checked off and.the point of the second box is if your.buyer is going to be purchasing the.property and placing it under an entity.like an LLC but it is to be created.utilize that second one allowing them to.assign the contract to their corporation.but they're still not released from.their liability to the contract so the.buyer as named at the top which was Mary.and John Smith whether they want to own.it under their personal names or put it.under a corporation Mary and John Smith.are still responsible for the for the.performance of this contract doesn't.matter okay so you usually see the first.excuse me the second or the third box.checked off here if you see the first.box checked off red flag.it means this buyer is trying to resell.this contract to someone else and be.released from it it is a wholesaler it.means you can get more money for it the.first box is a red flag financing this.is the most confusing section of the.contract and by far the most common.issue so we'll go over each part of it.individually.the first section financing 8a the buyer.will pay cash for the purchase of the.property there is no financing.contingency to buyers obligation to.close this is typically used on a cash.deal or hard money you can still use.this box if you're doing financing.however the buyer does not have a.financing contingency so if you're going.to use this box make sure that if your.buyer is getting financing they don't.need the financing to close so let's say.your buyer says I have the money to do a.cash I could do a cash but I'd rather.get a loan if they will still buy the.property even if they don't get the loan.use the first box it is so much more.aggressive to a seller but if they must.have the financing they must secure the.financing to purchase the property you.have to use the second one just.this went back to your question that you.had what do you do if they don't need.the financing how do you take that out.but even if they want to get financing.is check the first box right yeah it.doesn't define that it has to be a cash.deal but it's treated like a cash deal.meaning if they did denied for the.financing they don't have an out they.still have to buy it but they can pay.cash warts though that has nothing to do.with the lender you can still check that.first box that's not the lenders.liability it's not the lenders concern.really it's the customer who's at risk.their deposits at risk yeah it's the.buyer who's the one at risk so the.lender doesn't matter it's not about.them allowing you to or not it's how.confident is a buyer that they're.getting their mortgage number one or.number two can they still close if they.don't get the financing will guarantee.you get the loan I'm sure there was an.asterisk next to it and some really.small prints at the bottom of the page.right but that's buyers decision you.know if you're gonna check that box it.either needs to be a cash hard money or.they can close without financing.regardless even if they want to get it.it doesn't prohibit you from getting the.financing but it doesn't require it the.buyers at risk yeah completely yeah by.using the second box it's really the.only way I mean you can write an.additional term but at the same time you.might as well just check the second box.all right so we're doing conventional.financing we're gonna check that second.box make sure you check the first box on.that line if you do not check the box on.this line nothing you do over here.matters it's like a barrier of entry.you click that first box now you look at.the rest of the paragraph if you just go.in here I didn't check this box I.selected conventional fixed-rate.mortgage and 25 days from my loan.approval it's as if this was completely.blank because I did not check this off.now none of this matters unless you have.to defend your contract but it's only a.problem when it's a problem if you never.have to invoke this it's never an issue.but the idea is protecting your buyer so.if you had to cancel and invoke this as.the finance and contingency to get out.of the contract get their deposit.refunded you want to make sure it's.ironclad and your buyer is protected so.a common question we get is what why.would I not just check off all three I.don't know what they're gonna get they.might do a VA might do FHA my due.conventional why not because each one.that you check off here they're required.to apply for and these are three.separate applications they can't Roe.apply for conventional and say they use.the same information for an FHA or a VA.only pick one they're required to apply.for whatever you select here okay so.we're doing a conventional mortgage I'm.gonna leave a blank which is a standard.30 days and you'll earn approval period.or for a fixed-rate mortgage and the.rest I'm gonna leave completely blank so.the buyer then has five days to apply.for their mortgage and 30 days to get an.approval now this this clause changed.last year April 2017 and how it changes.we went from loan commitments to loan.approvals that's number one but number.two they define Florida Realtors define.these terms a little bit more clearly.for us so let's say the buyer made.application within the five days and.they've been giving the lender.everything the lender needs throughout.the process answering I need your tax.transcript okay here you go I need a.letter from your employer okay here you.go.I need your paste-ups here you go.they've been giving the information and.not delaying you get to day 29 and the.loan has still not been approved you.have a few different options.at that time the buyer can say I haven't.got my approval on out I don't think.it's coming through tomorrow I'm out.cancel they're allowed to do that you.don't need a formal denial okay.within this term within these 30 days.the buyer if they've made diligent.effort to try and secure the mortgage if.that mortgage doesn't come through by.that deadline they can cancel but as.soon as you hit day 31 it's no longer.the buyers right this financing.contingency is gone on day 31 and the.seller then has three days to say either.hahaha I'm gonna continue you have to.close now or I'm gonna take your escrow.deposit or the seller can say I don't.believe you're gonna get the mortgage I.really just want to sell the house I'm.not gonna wait until closing to see if.you can come up with the money or not.the seller has the right to cancel the.money the deposit gets our funding back.to the buyer and the seller goes back on.market so the only reason a seller would.do that is if they really want to get.the house sold and they have a backup.buyer or they want to go back on market.because they know you're not gonna close.and they don't wanna fight over $1,000.escrow deposit for example or $3,000.deposit by default it's 30 days if left.length and 30 correct but in order to.invoke that your buyer can't say I've.changed my mind I'm just not gonna apply.for the mortgage the buyers in default.the buyer must have performed their.obligations up to date so applying.within five days of the effective date.and providing the lender with everything.that they need everything that they need.to to approve the loan great question.no no so the question is if you get to.date 29 the buyer hasn't gotten their.loan approval but they still want to buy.the property you have a couple different.options you can either a waive the rest.of the financing contingency so it might.be like a three day we really got the.appraisal back I just don't have the.actual approval yet it's in underwriting.right now but you know what's going to.happen the the buyer can either waive.the financing continue.at that point and the contract becomes.hard but it takes away that three days.from the seller to cancel that's the.benefit of doing that the other option.would be an extension where you can.extend this period single page document.extension addendum check off loan.approval period three days or a new.dates submits it to the seller the buyer.could be screwed if the if the buyer.submits in a day twenty nine that does.not protect them for those additional.days automatically you must get that.back signed before the end of the.thirtieth day what you can do and this.is what I advise for inspection periods.this is what I advise for closing.periods is what I advise for loan.approvals send to you send the extension.and you send the cancellation my buyer.wants to continue he needs three more.days five more days on the loan approval.period but to protect his interest if.your sellers not going to sign that by.by tomorrow at 11:59 p.m. please.consider this our cancellation the other.ones attached sign one you're covered at.that point you're covered where they can.either sign the extension or sign the.cancellation and your buyer is protected.that's not written down anywhere it.would be simply notifying them of.cancellation so it's hey hey Bob listing.agent this the buyer needs three more.days for their prior to their loan the.lender tells us they need three more.days for the buyer's loan approval we're.coming to the end of the loan approval.period attached are two documents please.speak with the seller and have them sign.one one is an extension to the loan.approval period for the five days we.talked about or the other ones are.released in cancellation as the loan has.not come through yet you've already.served your notice you're covering your.buyer yeah that's considered.notification of a cancellation so you.are you're covering them if they don't.sign the extension that you've already.given formal notice of cancellation if.anyone at home has a question feel free.to type it in and all ants.here okay that's really confusing but is.that clear.no no but it I do I do love doing this.kind of stuff I'll tell you a really fun.story on where I got to pretend to be an.attorney yesterday we'll get to that at.the end okay what did another change.that happened in this clause last year.in April was the appraisal became.subject to the approval so when let's.say the lender gives a buyer.notification of a loan approval which.that notification can actually be verbal.doesn't have to be in writing anymore so.let's say the the lender gave the buyer.notification hey your loans been.approved good job here we go you then.have to provide written notification to.the other side that the loan has been.approved in order to satisfy that.financing contingency and remove it but.there's two scenarios in which that's.not sufficient number one the loan.approval is not satin is not.satisfactory if it's still contingent on.the buyer selling their prior home.meaning you're working with the listing.and you're helping them buy a house if.their loan comes in or is approved.subject to the successful closing on.their prior home that's not a loan.approval in which case you'll have to.waive the financing contingency instead.of an actual loan approval to avoid that.three days from the seller remember that.that's a little confusing so if your.buyer is selling their own home in order.to purchase this home sometimes the loan.will be approved without that having to.close but sometimes it will require like.the buyer needs the funds in order to.close from that previous home if that.loan approval is subject to the.successful closing of the prior home not.sufficient that's not a loan approval.that's the only time it's not a loan.approval what they added what Florida.Realtors added to this contract which.had previously not been in there is.let's say you get a loan approval today.but the appraisal was not done yet if.the appraisal comes in in three days and.is not safe.missions to satisfy the terms of that.loan approval that buyer can also get.out where are we that is here we go.correct this is already built into it.now okay if loan approval has been.obtained we're in Section seven here on.line 116 if loan approval has been.obtained or deemed to have been obtained.as provided above and buyer fails to.close the deposit is paid to the seller.unless failure to closes due to three.scenarios seller defaults or does not.satisfy other contingencies that's a.given to property related conditions of.the alone approval have not been met so.property related condition a cloud on.the title a defect on the title.something along those lines okay or.three appraisal of the property obtained.by buyers lender is insufficient to meet.terms of the loan approval so let's say.we're doing this ninety ten mortgage.right 90 percent 90 percent LTV and the.appraisal comes in low and my loan.approval was for purchase price ninety.ten if that appraisal is not.satisfactory to satisfy that ninety.percent at my loan value I can get out.of the contract depending what if you're.doing 30 percent down and your loan.approval is eighty twenty but you're.just paying more down what if your loan.approval is ninety ten and you're.putting twenty percent down your loan.approval doesn't always match what.you're actually doing.doesn't always it means you're going to.prove for this and you can always do.more okay so I would always put one in.unconventional on FHA and VA it's.already built into your FHA and VA.addendum on conventional I always have.an appraisal contingency unless failure.to close is due to.if the tenants still in there.that is considered the seller not.satisfying their contingency it depends.no that wouldn't allow that the deposit.we pay to the seller if the tenant still.in the property that's a seller.defaulting in which the positive becomes.the buyer so absolutely it's only.required if you wanna get the money only.we required if you want to get the money.title companies will not 99.9% of title.companies will not just say okay yeah I.see the money should go back to the.buyer they're always gonna require.something signed by both parties because.if they're wrong or if they're given.wrong information and they do release.that money that title company's on the.hook the title company can make.discretionary decision to make that to.make that payment however they're.putting themselves at risk so they will.need to be 110 percent sure and you.better have a positive relationship with.them all the more reason to use in-house.title company depending on the.circumstances yes I understand but it's.also the information how they got to.that and there could be opposing views.as to what actually happened so in order.for a title company to protect.themselves a title company an attorney.they will always require one of two.items either a signed agreement by both.parties or a court order in order to.release because that's the only time.those are the only situations where a.title company washes their hands and.they're not they're not liable for.anything if they make a discretionary.decision they're living by it and as.your in-house title company floor to.title escrow services will stand by you.advertisement has been paid for by.correct but at this point when there's a.disagreement like this buyers and.sellers aren't on good terms listing.agent buyer's agent commonly aren't on.good terms even though we shouldn't get.to that point but personalities and egos.everything gets in the way and quite.often when there's a dispute there is no.released cancellation sign the buyer.could have defaulted and has walked away.and they have a sour taste in their.mouth they're probably not signing the.release cancellation if the money's to.go to the seller so more often than not.it either goes to it goes to litigation.or they sign some type of agreement.splitting the money a percentage.something along those lines and a lot of.times the money sits there so it'll sit.there and at the end of the calendar.year the title company can turn it in to.the state as unclaimed funds excuse me.and take it out of there.and take it out of their books I think.we just let it sit here for a long time.yeah unless we have an agreement because.let's say we had three weeks ago a buyer.on a cash deal change his mind.two days before unfortunately his.daughter was in a car accident there.were extenuating circumstances but he.walked away it was the $10,000 deposit.and that money sitting there because he.won't sign the release to cancellation.and the seller wants the money.rightfully so 48 hours before closing.actually I think it was the day of not.48 hours but regardless that's that's.where it comes into play and that.money's just sitting there.okay closing costs so this section here.section a B outlined what a buyer or.seller should be expecting to pay as.part of closing costs for their for.their transaction and you'll see there's.little notes on different lines.specifying if certain clauses are.checked this this applies if a different.one is checked it doesn't apply and.that's this section down here number one.two and three which are sellers shall.designate by Richelle designate and the.miami-dade Broward Regional provision.we'll talk about that in just a second.on how that affects things but you can.see here and give your seller a good.idea of what their actual closing costs.are same thing with the buyer a good.idea of what their actual closing costs.are or what they could be.this is also a field where you can.include a transaction fee it's a little.bit sneaky of a place to do it to be.honest with you because this is not.commonly looked at these are not fields.that are very frequently filled out so.if you're gonna place a transaction fee.you can do it here but it can also be.done at the end of the contract.something like that okay you could do.that there however you can also do that.under additional terms I preferred not.to use this unless it's something.outside of the ordinary maybe not even a.seller's credit I mean it sells credit.putting it here is quite sneaky make.sure you're reviewing this section if.you're on the listing side or the buyer.side on anything that could have been.inserted into these two blank fields.it's very very commonly missed I saw an.FHA transaction where the seller the.buyer had made an offer and included on.here under the cost to be paid by seller.a $5,000 credit to buyer for closing.costs and the seller didn't see it but.guess what they get to the closing table.and the sellers obligated to do it they.can't just walk away so make sure you're.reviewing that if you're on the listing.side especially but on the buyer side if.the listing agent modified the contract.at all just something to look through I.mean it's as simple as saying okay.they're blank I'm good okay title.evidence and insurance this one's very.self-explanatory and title company will.usually handle this but it's essentially.if the seller had a prior title policy.they're gonna provide it to the title.company in order to do a reissuing of.title insurance rather than purchasing.new title insurance a reissuing of title.insurance is usually a little bit less.of a cost than purchasing new title.insurance so if they had the previous.policy they can do an update and reissue.at a lower cost for your buyer or for.the seller depending on what's selected.down here these are the fields that.we're gonna talk about selecting of.title responsibility the first option is.seller shall designate closing agent and.pay for owners policy and charges the.second one is buyer.shall designate closing agent and pay.for owners policy and charges and the.third one is that the buyer will pick.the title company and pay for their own.policy however the seller will provide.their insurance policy so the buyer can.obtain it on a discounted rate pretty.self-explanatory right seller picks and.pays buyer picks and pays by your picks.and pays less okay if you are in Palm.Beach County typically typically the.first box will be checked and the seller.will select the title company everywhere.else in the state of Florida items.second the second or third item will.usually be used and just because you're.not inside of miami-dade and Broward.doesn't mean you can't select the third.item you can still select that.requesting the seller to supply their.old title policy so the buyer can.reissue instead of purchasing new why is.this such a big deal why does this make.such a big difference there's costs.associated with this and the box that we.checked here modifies the closing costs.that are paid by each side you'll notice.for example municipal liens search is a.cost of the seller or online 1:31.municipal liens search is a cost to be.paid by the seller if you pick item one.or item three so if the seller picks.bless you if the seller picks the title.company they're paying for the lien.search or number three the miami-dade.Broward Regional provision if that one's.checked off the sellers still paying for.the lien search but if you checked off.item two where the buyer picks and pays.the buyer is paying for that same thing.up here title search charges if you pick.item two the buyer is paying so the.easiest way to summarize this is the.first item is seller seller picks and.sellers gonna pay more item to buy your.picks and buyer pays more item three.buyer picks but there are shared.expenses that's the best way to describe.it so more often than not the third item.is selected but if I'm on the seller.side which item do I want them to select.item two.item two because then the buyers picking.I don't care what your title company.does it.I want the buyer to have the expense I.want to save my sellers bottom line I'm.the buyer side which one do I want to.pick the first because the sellers.picking the title company they're.picking up the tab of title insurance.and they're picking up the tab of a lot.of the little the little ticky-tack fees.along the way but as a compromise I'll.take the third any day I'll always try.for my buyer or seller's benefit but the.third is a compromise if you're the.buyer writing up the contract you have.to think when you get to this section.and say is mice is my buyer is my buyer.tight on funds to close do I need to cut.every corner possible for them if that's.the case I'm gonna check the first one.and say the sellers picking and paying.you will get pushback from the seller.unless it's a brand new realtor in which.case they're just not gonna see that.they're not going to know to advise.their customer that way but that puts.most of the costs onto the seller side.it puts the title insurance on to the.seller side and it takes the buyer out.of the title equation great question.so if you're the buyer you want to pick.the title company but you want the.seller to pay I would probably select.the miami-dade broward regional.provision and then under additional.terms specify seller to pay cost of.owners title insurance policy at closing.same thing you could do seller and then.right under additional terms buyer to.select title company for closing you.could do it that's it's six in one hand.half dozen in the other it's a positive.followed by a negative or a negative.followed by positive it's works out the.same yeah I like your way better to be.honest with you we're gonna pay the.title company I like your way better I.would check the four.box in that case and say buyer to select.idle company great great recommendation.that's why we keep you around Joseph.alright next section sir eBay honor.before title this is again this is not a.blank field so this is not commonly.changed or really read but honor before.title evidence deadline buyer may at.their own expense have the real property.surveyed and certified by a registered.Florida surveyor if a seller has a.survey covering the property a copper.copy will be furnished to the buyer and.closing agent within five days so.depending on how long ago the seller.purchased a property they had a survey.done and depending on how long ago that.was that survey could be valid for their.mortgage the lender will request a copy.of the survey from the title company so.it's something that has to be done.during financing unless it's a condo.it's a different situation if it's a.single-family home or a fee simple.townhouse a survey will need to be done.as part of the process it's usually not.something you have to worry about as a.Realtor but you just want to make sure.it's happening so as you get closer to.closing maybe 10 days 14 days prior to.closing a simple phone call to the title.company to say hey has a survey been.ordered and has it come in that's really.all that matters to you you don't have.to do anything to get it done but you.just want to make sure it was done title.company usually does that okay home.warranty section line 173 I don't see.this very often it did have the first.question in a long time about it.yesterday but the seller has the option.to offer a home warranty or offer a.credit for the buyer to secure a home.warranty which helps a lot on properties.that have been renovated or have been.sitting around a long time something.like that it's peace of mind to the.buyer that I'm going in I'm buying this.place as is however I'm covered if the.air conditioner breaks tomorrow or I'm.covered if there's a roof leak or the.glass breaks or the stove doesn't work.things along those lines and what you'll.see most commonly is up to five hundred.dollars on there where you see it most.is on a purchase through the home steps.website from.Freddie Mac they include up to a $500.allowance on home warranties on all of.their purchases but as far as a resale.private seller private buyer you don't.see that often special assessments okay.don't go oh okay well that's great you.just said that so I said special.assessments and miss Jodi said because.of an HOA special assessment this part.of the contract has nothing to do with.that okay so this special assessments in.here has to do with public bodies and it.specified seller shall pay the full.amount of liens imposed by a public body.public body and it specifies does not.include a condominium or homeowners.association this relates to a special.assessment from the county or from the.city that you would see evident on the.property tax records so when you go to.open somebody's property tax receipt or.a property tax record on the appraiser.for example is go all the way to the.bottom and their special assessments.that would be the fire assessment it.could be a local Community Improvement.sidewalk improvements something along.those lines that are paid in small.installments every year.always always always select one of these.boxes or when you find out there's a.special assessment it will be an issue.pick one which one you pick depends on.what it is you don't know if you don't.know and you leave a blank it's.automatically gonna be option a which.means the by the seller pays up to the.date of closing and then the buyer is.assuming it from there okay that could.be a $20,000 assessment for road.improvements Road enlighten and power.improvements that were owned by the.local community okay that could have.been done through a program of the.county you of all people should know.this one what your husband does.that's an assessment that's an.assessment through a public body correct.so in if that's the case if it's a big.thing like that I'm Sachi selection opt.in option two because that's the seller.who did that work I don't wanna be.responsible so what I'm talking about in.there is it's the pace program so this a.homeowner has the opportunity to make.improvements on their property or.replace older items like roof AC windows.things like that doors windows things.like that and input that as part of.their property taxes every year which go.on as an assessment so that would be.subject to this paragraph let's say they.did twenty thousand dollars and work on.the property and there were only one.year into their payment program you've.got another X amount of thousands of.dollars if you select option a the buyer.will end up paying for all of this work.that the seller did so not only are.they're gonna have their purchase price.but they're gonna pay for the work that.was done.if you select option two the seller must.pay that completely off prior to closing.you want to understand what is on that.property take a look just look at the.property tax records you'll tell you.that used to not be a big deal because.the assessments were like fire.prevention or security or local.improvements and it was a minimal.payment it was like forty bucks a year.so it was not a big deal but if you have.a large item like that with the pace.program with things like that.we saw a $12,000 assessment that had to.be paid at closing because they select.option two the title company about six.months ago if I don't one had been.selected that buyer was going to be.taking on the liability and the.financial expense of the balance of that.loan you can't check both they.contradict each other.so the seller shall if you leave it open.the buyers taking on that responsibility.I won every single time regardless no.from work.the buyer if I'm working for the buyer.I'm writing the contract if I'm working.for the seller they already selected.something and if I modified it has to be.initialed I'll look and see and also if.I'm working for the seller I have an.understanding of what's out there if I'm.the buyer I may have missed that so by.default I'll do the second one and avoid.having to look it up altogether.contamination in the property what do.you mean that has nothing to do with.this this is for special assessments of.financial obligations of the to the.property from a public body specifically.if neither a checked it's the first.option automatically if neither box is.checked option a shall be deemed.selected so that means the buyer is.assuming it if you're on the buyer side.check the second one period yes this.section is however in the past it's.never been really an issue the program.hasn't been very popular until recently.like the last year or two the pace.program is a a would you consider that.government-funded local municipalities.right so the local municipalities will.work with a lender that is qualified or.certified through this through this.program and the city essentially no the.the lender pays the contractor from.their approved list of contractors that.you work with the lender will pay the.contractor the full amount of the work.okay and charge that back to the special.assessments on the property taxes for.that property each year so instead of.securing a loan making a down payment.anything like that it goes on to your.property taxes you pay each year which.means it goes into your escrowed funds.if you have a mortgage they'll.recalculate your property taxes and your.every month you're gonna be paying a.little bit into that to pay your.property taxes when they're due to.include that it's really neat it's.really neat it does it's a phenomenal.program it's really really neat.correct.the bank does not it's these specific.lenders that work between the.contractors and municipalities and.homeowners it's really really neat it.does complicate our lives just a tiny.bit about checking which box you would.see that under the property appraisers.record all the way to the bottom of the.page there's a table with special.assessments I believe it's called non ad.valorem assessments correct you would.see an item I mean you'll typically see.fire but you'll see you would see an.additional one there if you pull up last.year's prepaid tax receipt there's two.sections there's a top section which is.typical property taxes and the bottom.would be a payment on that as well those.are typically on the bottom a couple.hundred bucks at the most okay really.really neat program and if you have.questions about it contact Jody's.husband Kevin Meg's he's one of the he's.one of the lenders he's one of the.lenders that works between all the.parties and I am gonna call him actually.I had a conversation with my wife about.improvements on the house I said let's.check this out so we're gonna go talk to.Kevin he should totally do a.presentation here talk to him about that.place okay I'm gonna skip over a bunch.of the next sections because they rarely.come up as anything but oh right here.FERPA FERPA has anyone done a.transaction where the seller was subject.to FERPA does anyone know what FERPA is.foreign investment in real property tax.Act I cheated it was on the screen that.means if the seller is a foreign.national that there is Ottoman a.foreigner okay if the seller is a.foreigner there's an automatic.withholding of 15%.the purchase price not the capital gain.of the purchase price unless it.qualifies for exemptions and the.exemptions the most common exemption is.property valued under $300,000 so.purchase price under 300k and the buyer.will sign off on an affidavit stating.they're going to live in the property or.use it for themselves that's it if they.sign off on that and the property's.under 300 K there's no withholding yes.300 still 300 however what they did.modify was when the property value when.the price is over 300 there's different.increments so it doesn't at 301 it.doesn't go to 15% there's a there are.ranges where it increase but increases.by a certain increment so essentially.what happens if there's any withholding.the title company hold onto the money.for a short while and then they have to.turn the money over to the IRS with a.form so that money then goes into the.IRS and that foreigner has the.opportunity to file a tax return which.they're supposed to if they sold.property anyways they have the.opportunity to file a tax return and.citing their expenses etc etc and what.they should get back if the IRS approves.that they'll send them the balance if.they don't approve that they keep the.money in and say yeah which I think.happens more often or not yeah.absolutely absolutely it does it is a.good idea to do that ahead of time but.you should not do that.you should advise them to work with an.accountant to work on that hey this.might come into play with your deal your.property is $400,000 just might come.into play I highly recommend you talk to.your accountant about FERPA right now.understand what we're going into okay.questions on that cool moving down.inspections no.is not called inspection periods on the.contract but that's what we commonly.call it it's property inspections and.right to cancel meaning you have X.amount of time to do whatever.inspections that you would like to do on.the property you could have your cousin.the electrician your uncle the roofer.they don't have to be licensed they.don't have to be bonded they don't have.to be anything you can walk through.whoever you want to walk through the.house in this time period the seller has.to let you in seller has to allow you.access you can bring anybody you want to.bring to inspect the property and cancel.if you don't like anything no reason at.all okay.however it does not allow you the right.to renegotiate your deal so it doesn't.mean you can get an inspection done.turning the inspection say yeah we want.everything fixed it's not gonna happen.okay people try so common practice what.we see is here's the inspection there's.a major issue there's a roof leak we.would like you to either repair the roof.leak or give us $750 so the buyer can.repair it after closing that is very.common or the air conditioners 19 years.old and it's running on fumes you can.hear it huff and a puff and while it's.running you can take a credit for that.whatever you do the addendum that you.write to modify the purchase price or to.modify the credit for any type of repair.don't say it's a repair don't say it's.for repair by seller agrees to credit.buyer X amount of money at closing.towards closing costs and prepaid.expenses period it doesn't matter what's.for period if you write repair red flag.goes up at the lender and your deal just.got more complicated there will be re.inspections prior to closing nightmare.nightmare net nightmare seller agrees to.credit buyer X amount of dollars at.closing nope seller agrees to credit.buyer whatever.the money at closing towards closing.costs and prepaid expenses that is it.less is more you could probably get away.without it but some underwriters would.not approve a CD with credits towards.prepaid expenses closing costs is.assumed but prepaid expenses like their.pre paying for their homeowners.insurance or property taxes they won't.allow it to be applied to their so I.would include it at closing you could do.that but the lender the underwriter may.not allow them to utilize it for prepaid.expenses the correct very simple.straightforward doesn't mention repair.doesn't cause any further issue for you.okay questions about that again this.this paragraph does not allow you the.right to do that however your buyer has.the right to get out so it's hey my.buyers gonna cancel there's a major.issue unless the sellers willing to do.this like dangling the carrot okay good.good on that one awesome so it's a very.good idea to advise your customer ahead.of time hey here's what we have we have.the right to do every inspection we can.walk through anybody we want to I advise.you to get a home inspection done your.for point your wind mitigation done at.the same time to save yourself a little.bit of money however understand that not.everything that comes up on the.inspection report is going to be taken.care of this is for us to confirm.there's no major issues on the property.if there's a major issue we can try and.get it addressed but please understand.not everything's going to be done yes.absolutely so if you're wondering if you.would like to exercise this cause to.cancel the contract for whatever reason.no reason at all it doesn't matter you.still need a release cancellation that.is the easiest one to get released by a.title company because it's super obvious.you're within your time period you can.cancel there's no reason.justification needed and the sellers.unresponsive or uncooperative we'll.probably wait a certain amount of time.or try and contact the seller directly.and then disperse if they don't respond.but if they're not responding it's not a.disputed committed a disputed escrow.anyways there's not conflicting demands.so it's easier to refund to one side.correct.but again benefits of using in the house.title correct correct but again an.outside title company will require.something signed I understand okay.good they're awesome continuing down to.continue down continue down these are.all blank and don't really affect too.much fire default seller default.attorneys fees title evidence title.examination survey lease information.liens time I want to point this out at.the time again this talks about what I.mentioned regarding acceptance and.effective date that can occur on.Saturday Sundays or holidays everything.else must occur on a working day.everything is calculated using calendar.days but if a period ends on a Saturday.Sunday or national legal holiday shall.extend to 5:00 p.m. of the next business.day we talked about that the beginning I.just wanted to point out the section.where it talks about it moving down.moving down moving down moving down.that's CRO closing creations that's just.a property to conduct seller has to.cooperate with you doo-doo-doo-doo.collected collected or collection.collecting collection or collected funds.any checks tendered or received.including deposits have become actually.and fine and collected and deposited and.the account of the Esper agent closing.and disbursement of funds the delivery.of closing documents may be delayed by.closing agent until such amounts have.been collected so this is what changed.kind of closing procedures recently in.the recent history where title companies.wouldn't take a personal check or a.cashier's check as part of the.for final cash to close for example they.stop taking those because the title.company would hold up funding to the.seller until those funds cleared and.cashier's checks aren't available right.away anymore.banks reserve the right for three to.five days three to five business days to.return those checks and there was so.much fraud going on that title companies.were waiting for those to be approved.the Lange seller's funding which would.then delay the keys going from the.seller to the buyer everybody's pissed.off at that point.so title companies as a practice I don't.know if any of you have closed with a.check in the recent history but most.title companies require wire transfers.for all monies except for the initial.escrow because that will clear way ahead.of time for final monies that's the.reasoning behind it a den does okay.we're gonna get into the applicable.addenda in just a moment but I do want.to point this out there lettered in.alphabetical order they're lettered a b.c d etc etc all the way over to z and.then we start with double a double B.okay they're named and labeled in this.section for a reason to make sure that.you use the correct addenda that matched.the contract remember we have our as is.purchased and we have our standard.purchase they each have different names.or labels to those contracts so the as.is contract is known as CR - whatever.version we're on and in the current.moment we're on CR - v the standard.purchase contracts is CR sp the easy way.to remember that is CR by itself is.blank it's easy it's as is crsp I always.use the SPS standard purchase even.though it's not what it stands for.that's just how I remember it that's my.mnemonic okay.if it says CRSP you cannot use it with.the as is contract it is pointless to do.if you're using as this contract you.must use an addendum that starts with CR.- v and then a letter the letter on the.name of that addenda will course.to the letter on this page so if you're.utilizing the FHA VA addendum it will.say CR - 5e for the FHA VA financing.addendum okay it's very simple and easy.but it's the most common mistake in.paperwork that an agent makes in writing.a contract and the reason it's important.the FHA or VA financing addendum for.example on the standard purchase version.the CR SP 15 FHA a-- ryder specifies.clauses and terms in that addendum that.are referring to clauses in terms in the.main contract the problem is the clauses.in the two contracts aren't exactly.numbered the same meaning it's referring.to a clause.maybe the FHA VA is referring to the.loan amounts or the loan clause which is.a different number section line and.subsection of the other contracts so.it's referring to a section that has.nothing to do with it it's labeling a.loan amount that doesn't exist that's.the conflict you run into so you must.match up the addenda with the contract.we'll do those in a second.additional term section this is.open-ended for you to write anything in.now be careful when you write something.in here because you are liable for.anything that you write in here that.affects the customers negatively let's.say you write a clause in here that has.to do with some type of financial.obligation and your buyer ends up.getting damaged financially because of.what you wrote in there you are then.liable your brokerage and you are then.liable for their financial loss they.have the ability to sue us so if you're.going to write in there be very very.careful about what you write and make.sure it's thorough not only that there's.an obligation but a time frame of what.it needs to be done and a solution if it.doesn't happen so let's say you put in.their cellar to complete repair or roof.repair.I hate repairs let's not use that cellar.to install replace.chandelier for the one they're taking.work to be completed five days prior to.closing at buyers discretion a buyers.sole inspection and discretion if work.is not completed seller will credit.buyer 1500 hours of closing you have.what they have to do you have a time.frame for completion you have a.confirmation of how it's completed and.into who's to who's uh discretion or.whose qualifications and then a cause of.what is to happen should it not occur.that is an all-encompassing right there.if you just write seller to replace.chandelier the seller then becomes in.default.there's no stipulation eyes who approves.it who says it's done they could just.simply put one of those sconces or.simple light fixtures for $9.99 from.Home Depot on the ceiling and that would.be satisfactory because you didn't label.who has to say it's completed and to.what extent and what the what the.resolution is if it's not completed if.there's no resolution the sellers in.default and you have to fight them okay.so work to be completed or item to be.completed right when it's to be.completed by who says it's completed and.resolution if it's not completed let's.say it all do the chandelier again okay.seller to install replacement chandelier.of similar similar design or similar.value work to become to be completed.five days prior to closing buyer.his or her sole discretion will confirm.completeness you don't have to use these.exact words I'm it's ideas yeah it's.this is the concept that we're talking.about okay okay.seller to replace dining room chandelier.with one of like or similar design.design or value that works okay I would.do one or the other if it's an expensive.one it may not be the same value so.designed so it's something similar.anyways work to be completed five days.prior prior to closing buyer to confirm.completeness at his or her own.discretion that's pre closing.walkthrough if work is not completed.seller will credit and this is where the.value comes into play seller will credit.$750 to buyer at closing so you have.what the seller has to complete when.they have to complete it by who's.confirming that it is complete and what.happens if they don't there you go.maybe take a picture that could work.because it's that the buyers own.discretion the buyer can say yeah I.think that's pretty similar or no that.was terrible if you leave it to the.buyers own discretion.the buyer can never be upset with you.does the buyers who want to say it was.done or it wasn't done make sense that's.an example don't do this for like a.repair like a leak don't do this because.you have to give this contract to the.lender and this will cause an issue okay.this is just one example of what could.come up but it's it's the ideas of.completing a well-rounded additional.term so you can't be held liable okay.yes you can save these absolutely for.example I have a clause that saved in my.form simplicity I use on every single.contract automatically and you insert.that by clicking on clause at the top it.will open up your default ones have a.personal little personal no it's an.office clause here it is so here's a.clause that I've saved in there by.checking it off hitting okay it now put.that into my additional terms right.there seller agrees to close out any.open or expired permits and/or code.violations prior to closing if.applicable that's it.seller's got to take care all that stuff.before closing if not during default I.include that on every single contract no.not here but they must be disclosed as.part of the sellers disclosure that's.actually referenced twice in this.contract once under the permit section.and once under the sellers disclosure.section any work that was completed and.should have had a permit but did not.it's as is whereas done yeah seller has.no liability but if the seller gave you.a seller's disclosure and did not.mention that then you have a claim to go.back to them like even if they changed.one window didn't pull permit for it.they need to tell you that's why you.want to sell the disclosure all the more.reason to get a sellers disclosure any.questions about that.cool moving on last thing I'm gonna say.about this contract the bottom of the.contract is where you register who the.two agents and who the two brokers are.in this transaction do not write a.percentage of your Commission on these.lines don't number one it's not.enforceable and number two it's a.violation of the code of ethics just.don't put it there's no reason your.protection of your commission on the.buyers side is the printout from the MLS.at the time you make your offer when.you're writing up your offer save the.MLS full view sheet period.that is the legal obligation from the.listing broker to the selling broker of.the Commission that is to be paid and.don't put it past someone to go in there.and modify the Commission after the fact.save it from the time of offer it's not.the time of showing it's the time of.offer it's not the time of going under.contract it's the time of offer when.you're writing up an offer you save the.MLS sheet you can even attach it to your.contract if you want to there's a print.down on the top and bottom of the MLS.sheet when you print it out even if you.save it as a PDF still still date marks.it and worst case scenario if we have to.go back we can solicit the Association.or the MLS to give us when the.Commission was actually changed so that.we have that to enforce and I love going.after Commission's that's my funny story.from yesterday it was defending a.commission actually so save it but worst.case scenario if you're not sure as a.broker I can call it the MLS and find.out exactly what it was at the time so.it's not 100% necessary but it's the.easiest way to confirm what was what was.guaranteed to you yep yeah it can be.changed I would say you can change it.and just have it initialed by both.parties but to be honest with you if.you're changing the name of the broker.like changing companies and change the.name of the broker that does not.alleviate the responsibility to that.initial broker.nobody can alleviate that responsibility.or modify that commission or that.registration of the broker on the.contract but that broker themselves that.brings me to my next point commissions.modifications of commissions text.messaging with another agent saying okay.I'll reduce my Commission to satisfy.something or I'll agree to this or.putting it into an addendum or a.contract big no no's don't do it.contracts or agreements between buyers.and sellers anytime there's a.modification regarding a brokerage a.commission it has to come directly from.the broker in writing we have a very.simple process for that.contact the office staff either silvia.joan or myself say hey i need to credit.so-and-so or reduce my commission.x-amount will provide an authorization.signed by the broker for you we don't.have a problem with you reducing it but.for it to be legally enforceable got to.become from us it depends so the.question was if you're buying a property.for yourself but you're not going to act.as a party in the transaction in order.to make it more valuable I don't agree.with it but more valuable for the seller.you would not need that letter from us.because you're not a party to the.transaction your acting is the buyer.being represented by another broker.so that broker would be the one entitled.if there's any modification that broker.would have to provide an authorization.that broker may request it in writing.from us because we would have a.potential claim of recurring cause so it.would be a very good idea for that.broker to request a letter from us.however they may not do so I mean we're.not going to go after it.unless it's rightfully ours but it would.be a good idea like if you're the broker.in the middle I definitely want you to.get that letter because there are.brokers who will come back after that.for sure here's a great example for you.this is the case I went to hear you I.went to argue yesterday this is my.excuse to act as an attorney which I was.in my former life or will be in my next.life if you believe in that so two.agents are working on a transaction the.property under appraises $11,000 and the.buyer is a VA buyer and says hey I need.you to come down I can't buy the house.without it seller says okay I'll come.down but I need both brokers to kick in.three thousand dollars of their.commission in order to make the numbers.work in this specific case the guy was.giving so much money the buyer that he.was getting creamed but regardless he.asked both brokers to put in our agent.said no problem I'll do it he didn't ask.us for the letter but he knows he can.get it and it was his listing so not a.big deal.the buyers side she agreed via text.message by she I mean the agents not the.broker nothing from the broker only by.text message said okay I'll go down.three thousand dollars that was it they.were paid on the closing statement the.three thousand dollar reduced Commission.that broker went and filed an.arbitration case for the difference in.Commission that was not paid because we.had a legal obligation per the MLS to.pay them a full three percent and they.were not paid a full three percent an.agent is not authorized to make a.modification to the Commission because.they don't own it only the broker owns.it so had he actually gotten a letter.from that broker agreeing to the.reduction of three thousand it's a.non-starter but he didn't so I had to go.argue that yesterday regarding a three.thousand dollar reduction Commission if.if it went all the way through.arbitration it is in my opinion yes he.would have gotten it the crafty way that.I pretty I I created my response to.their case and the way I pleaded my case.to the mediator she turned to him and.said I can't give you any more details.really on that she turned to him and.said if you go to arbitration you're.gonna lose his opening argument was I'll.give you the details on this the MLS.said three percent we weren't paid three.percent and I didn't sign off on any.reduction my argument was about five.times longer than that with an.explanation and his acknowledgement of.yes I was involved in the transaction.all way through and his agent agreed to.it as part of the deal when a broker has.that level of involvement they had to.have known about the reduction so he had.to have had management of the agent.meaning the agent was then authorized at.that point to reduce the Commission it.was dismissed on the other on the flip.side we have very little involvement.with your transactions because we don't.know about unless you bring it to us.because of our size we're not that.boutique broker that's micromanaging you.every step of the way.so by that level of involvement majore.our associates are not authorized to.modify commissions so it's not really.enforceable unless you get the letter.from us that's an example so if you're.dealing with a larger company it's.possible that that could have gone a.different way in your case we can't go.after him the question is if you have a.listing agreement let's say at $200,000.accepting conventional FHA VA or cash on.the listing agreement and you get an.offer at that price or higher under one.of those terms will we go after the.seller it depends on the circumstances.if the seller is just being a blank yes.if the seller had a change in.circumstances or has no money there's.nothing to go after so it's not it.doesn't make sense to do so.in certain cases which is in that case.separate circumstance okay but depending.on the circumstances yes we'll go after.it but there are some circumstances no.so another scenario I'll bring up.another life story an agent is friends.with their customer they're listing.seller for 30 years seller doesn't.really read the listing paperwork.because they're the front for 30 years.she's protecting me I just have to sign.this as a formality right they get a.full price offer and the seller said.with contingencies on it right the.listing agreement is not subject to.contingencies on offers it's only price.and terms price and terms of financing.okay.seller says I don't want to sell it's.got a contingency on the buyers cell of.their own home it's not solid I don't.want to sell to them the agent ends up.bringing three offers in at the same.purchase price in terms to their friend.of 30 years but they all have.contingencies on sales of buyer's.property so she doesn't want to take it.they get into an argument they're now.little longer friends.agent once.us to sue the seller for the Commission.which illegally we could be entitled to.morally I refuse to go after them.because they're friends of 30 years she.didn't read through the terms properly.she trusted you and now you're trying to.turn around and get her from the back no.sorry.so in that case there was money to be.had and it was more of a moral decision.ethical decision not to go after not to.go after that commission but if it's.just a seller saying I don't want to.take it that's my neighbor I don't like.them I don't want to take that offer but.it was at full price of terms I'm.probably going after it again depends on.circumstances okay all right so that was.the end of the actual contract itself.let's go into some of the addenda the.commonly used addenda to talk about the.terms in there any questions about the.contract while I'm going on to the next.the next set go ahead okay we're gonna.try and finish up in the next ten.minutes at the most because we've run.long already as it is.okay commonly used in here are there any.specific ones you would like me to talk.about nope good deal thank you some of.the most commonly used ones I'm pulling.up the lead based paint disclosure.everybody really knows about so I'm not.gonna pull that one up FHA I'm gonna.talk about appraisal I'm gonna talk.about two appraisal first appraisal I'm.gonna talk about for sure actually I.should just open paperless pipeline we.have it all in there that's me that's me.Oh.under paperless pipeline the reference.tab I'm just gonna point out the.prefixes real quick a bunch of these are.den de have CR - five and then the.letter corresponding to it so make sure.you're selecting the right ones.even if you're searching through form.simplicity or transaction desk the name.of the title of the actual addenda.itself will have that same prefix in.there so just pay attention to those.when you're doing that as you go further.down there's also the CR SP 15 right.here so make sure you're selecting the.one that applies to your contract you'll.notice there's not a lot of CRS PS in.papers pipeline because they're not.commonly used the standard purchase.contract takes up less than 5% of all.transactions that we do so they're not.commonly used forms and we're trying not.to overload and confuse you in here so.we'll start with the appraisal.contingency first in the appraisal.contingency the purpose of utilizing.this is in a conventional or cash.transaction ensuring that the property.will be valued at the purchase price or.higher first off notice the title has.the letter F which corresponds to the.list of addenda on the sales contract.itself okay and it reads the contract.this contract is contingent upon buyer.obtaining at their own expense a written.appraisal from a licensed Florida.appraiser stating that the property.value is at least blank which it if left.blank is the purchase price on or before.a certain date so it's giving you a.timeframe of when the appraisal must be.done and it must come in at if blank.purchase price if you put in a value.you're held to that value the reason.that this could come into play in.different a different side number one.it's protecting your buyer if the.property doesn't appraise even on a cash.deal they don't have to buy it but let's.say you're on the listing side and you.know it's not going to appraise and.you're making an agreement with the.buyer that you're gonna pay X amount.regardless of it appraises or not let's.say you haven't listed at 310 and it's.gonna praise for 305 if you leave the.appraisal contingency at 310 they.get out of the contract but if their.conventional they're putting down a.significant amount of money ten to.twenty percent I'm gonna write this.appraisal contingency but instead of.leaving a blank for the purchase price.I'm gonna put 305 meaning that even.though our contract price is 310 as long.as it appraises for 305 the buyer will.come out of pocket for the difference.meaning maxes their out of pocket for.$5,000 make sense that's really all that.we have to know about this if the.appraisal doesn't come in by that date.this null and void doesn't matter if.they don't have the appraisal report.back and submit it to the seller in the.valuation prior to that date appraisal.contingency is gone okay very simple any.questions I'd say within a few weeks.definitely shorter than the loan.approval contingency but usually a.little bit over the appraisal the.inspection period but shorter than the.loan approval so three weeks twenty days.18 days something along those lines if.you're doing a ten day inspection period.for example 15 you should be able to.push the lender to get it ordered pretty.promptly on a convent on a conventional.or a cash deal I would utilize it.because the appraisal contingency only.comes into play it comes into play as.part of the contract once the loan.approval is issued so you'd have to get.a loan approval and then the appraisal.not be satisfactory if I'm putting the.separate loan appraisal contingency in.there it's very straightforward and.transparent of what I can come in at.especially if your buyers putting down a.lot of money because the appraisal can.still come in satisfactory to their loan.approval but you don't want to force.your buyer to pay to buy the property if.it doesn't appraise the value again.everything's up for negotiation so.depending on what side of the.transaction you're on you can manipulate.this information or cater it in a way.where it's protecting your customer more.okay.FHA and VA Ryder this is a big one.so this is only used on FHA and VA.transactions okay and this the the.reason I said not to do an appraisal.contingency with an FHA or VA is because.it's built into here okay if it's VA FHA.financing you check off the first box.and the purchase price will go here.meaning not subject to proceed unless it.appraises at that value it does not.obligate a seller to come down to that.value but it does it does not obligate.the buyer to proceed if it doesn't hit.that value VA financing same thing it's.built into here automatically at the.purchase price let's say your buyer is.doing FHA because the interest rates on.FHA are usually less than a conventional.let's say they're doing an FHA but they.really have more money to put down this.field is open it doesn't default at the.purchase price you don't have to put.that as a purchase price but it does.allow you to place a value in there.similar to the appraisal contingency.where it's it's capping where the buyer.would have to proceed so let's say.you're buying at 310 but the buyer has.an extra 5 K above their three and a.half percent and closing costs to be.able to put towards this property.they're simply doing that fetch a for.the interest rate benefit okay you can.drop that let's say we're at our 3 10.purchase price I can put 305 in there.which still it's satisfactory at 305 or.higher and the buyer will pay the.out-of-pocket difference.it's capping the out-of-pocket but not.killing your deal if it appraises at 309.for example okay there's two other.blanks on this page they used to have.defaults but they're no longer do this.up here reflects the appraisal repairs.so let's say an FHA appraisal is.completed and it's a subject to.appraisal the subject to appraisal means.it's worth X amount of money as long as.this this and this are completed so it.could be as long as the roof is replaced.or as long as the stucco is repaired or.what else did I see recently as long as.the carpet replacement is completed they.had the carpet all torn up during the.appraisal electrical box something like.that I don't think the appraiser is.really looking too much at the.electrical box.but actually I haven't seen that come up.it's usually cosmetic stuff if you use.box so it's possible that's something.that's possible to go on there but if.it's an as is appraisal it's good it's.done there are no appraisal repairs this.field is a required amount that a seller.would be obligated to repair as a result.of a subject to appraisal I will always.put a zero there.it used to default at 200 if you didn't.put anything but it's I usually do it as.a zero sellers don't like to see numbers.in there if you representing the buyer.put a number in there but it's probably.gonna be negotiated on a counteroffer.and the fewer terms that you would need.to counter is $200 really gonna make or.break your deal probably not that could.make a difference yeah that could but at.the same time if I found the listing.agent I'm making you change that to zero.so under understand that field.understand that field I'm a little more.scrutiny son contracts than some people.the next blank here is regarding loan.expenses so this is I don't know why.this is in here but it's the seller.paying for a loan expense or cost on.behalf of the buyer obtaining their loan.that should always be a zero period.unless the seller is crediting the buyer.money towards their mortgage which.they're not going to do so that's a zero.you can always put them out in there and.they can always try and change it but I.would just put a zero okay VA financing.does not have any blanks under that.section I understand what you're saying.so let's say the buyers short on capital.you would take the price up and a credit.to the seller as long as it appraises.that would not be something I do here I.would probably do that under the.additional terms of the contract as.seller agrees to credit buyer $3,000 at.closing towards closing costs prepaid.expenses period that covers everything.this here.only applies to loan expenses so.wouldn't apply to homeowners insurance.wouldn't apply to any of that who could.call qualify for an underwriting fee a.credit report fee all the fees from the.lender themselves you can put a zero if.you leave a blank at zero no nope.because this is pre printed information.whereas your additional terms will be.written in which supersedes any.pre-printed material makes sense okay.any questions about the VA FHA addendum.awesome move it on I like this one.licensee personal interests let's say.you're buying the property for yourself.yes you can write under additional terms.buyer is a licensed real estate agent.you can do that there's a specific.addendum here that goes exactly to what.that case is so-and-so has an active or.inactive real estate license and has a.personal interest in the property as the.buyer period if you're a member of the.corporation buying required to disclose.if you are by excuse me if you are.buying and you were the brother of the.buyer you don't have to disclose if.you're the seller representing the.seller and the seller is your spouse you.must disclose if the buyer the seller is.your direct immediate family on the.selling side on the listing side you.must disclose on the buying side you do.not only if you're obtaining a personal.interest and a personal interest is a.financial interest so that would mean.husband wife or corporation your member.of if you're on the seller side you must.disclose for immediate family that would.be father mother sister brother children.yes or spouse or corporation your member.of okay you're buying AnnaLynne trust.are you part of the land trust would you.any type of financial benefit or right.to financial benefit in the future as.part of this trust purchasing so yes and.when in doubt disclose there's no reason.not to all right last one the.condominium disclosure this is where.there's a lot of confusion as well.comment condominium disclosure got a.little bit longer last year and this the.reason I pulled this up is regarding.special assessments so how the.condominium disclosure and the.homeowners association disclosure differ.is very very great they differ.incredibly the condominium disclosure.requires a lot of information from the.seller obligated from the seller to give.you rules and regulations budgets time.to review those documents disclosure of.special assessments who's responsible.process for special assessments the.homeowners association disclosure.doesn't have any of it you're accepting.it as is where is with whatever.documents and whatever rules and there's.no mention of special assessments so.make sure you understand what you're.getting into prior to contract on the.homeowner association on the condo.association let's run through that real.quick okay condo association approval is.usually required ok if approval is.required its contingent upon the buyer.being approved by the Association no.later than by default five days prior to.closing what happens if the buyer.applied for approval within five days of.the effective date that the contract.requires but we get to closing and they.haven't been approved what happens is.the buyer in default no the buyer hasn't.out the seller should be cooperating and.helping them and get approved because it.must be done five days prior to closing.and I know most times it's not it's not.that the sellers in default but the.buyer is not a.default that has an out so if they're.not approved if if they apply it in the.given time frame of five days within the.effective date and the buyer is not.approved and the buyer is not approved.the buyer can say I didn't get approved.in time on out and they're refunded.their deposit so it's an additional out.understand the timeline if the buyer.waits and applies six days after the.effective date it defaults at five here.if they apply six days the buyer no.longer has that out there in default of.the contract if they don't get approved.there at their own their own peril what.I mean right a first refusal I saw this.coming to play twice in 2017 where the.condo association reserves the right to.override a purchase contract and.actually buy it.instead of that buyer you still get your.commission on the selling side and the.listing side they both get paid your.commission but your buyers out how you.know if this happens or not is ask the.listing agent does the Association.reserve the right of first refusal if.you're unsure check that they have the.right but the members of the Association.do not so there's two sections here and.this would be in the Association.documents but it could be very tricky to.find so there is two stages the.Association meaning the Association HD.the condo association as a whole can.purchase it they can take first right.take your buyer out and search.themselves in and buy at the same price.in terms the second stage is the members.of the Association themselves so meaning.the Association would publish that this.sale is occurring if anyone would like.to step in and take it instead from a.current owner which most don't have I'd.say 99% don't have so I would check that.the Association does have the right if.you're not aware and that the members do.not just by default if you don't know if.they don't have the right then just.checkoff don't know if you know if you.don't know that it does or doesn't is.what I'm saying.because whether you check off and hazard.doesn't have whether you check off.either one if they have the right.according to their association documents.they can do it what I'm doing there is.that saying that it might happen so if.it does happen I can go back and spent.and show to my customer Hey.I'm sorry it was in the rules I had to.put it in the contract it was in the.rules and if we didn't the contract.would have been denied it gives you a.backup to explain to your customer god.forbid it happens but think about this.300 we did about 300 and 300.transactions on average in 2017 per.month so 300 times 12 that's 3,600 deals.that came through the option stop twice.it's rare it's it's it's more rare than.an IRS audit it's in the Association.rules and regulations whether they have.it or not or you ask the listing agent.but no not not super educated so it's.possible they won't know okay yeah.the do do do that submit its application.okay fees and assessments this used to.be only one or two items and they.separated it out Florida Realtors.separated this out to be more.transparent as to how fees are paid so.it's possible that you have two.associations for example a sub and a.master if that's the case you have two.separate assessments broken down it will.specify how much you're paying and in.what increment if it's monthly payment.quarterly semi-annually or annually and.then if there's a reckless or a.recreation area lease that would be.separated out here I'm seeing fewer and.fewer of those unless you're doing a.co-op or a 55 plus you probably those.ton rate a land lease or recreational.lease okay they just don't know did you.don't know if I'm on the buyer side I'm.filling it in if it's anything different.the seller is obligated to modify I'm.using the 590 from the MLS if that's.what it says if it.wrong the seller has to change we're.getting there hold on.the next section is special assessments.and preparations okay notice this one's.pretty long okay you've got see one two.three four five six and D the C is what.we're primarily looking at that special.assessments so the part of the contract.we talked about with special assessments.specifically talked about public bodies.this one specifically talks about condo.associations okay.the seller if this is left link is.saying I do not know of any special.assessment or otherwise fee that was.levied by the Association has been an.item on the agenda has been imposed.reported in the minutes for 12 months.prior to the effective date of the.contract that would be considered a.pending assessment not whether it was.passed and voted and imposed its if it.was even on the agenda if it was on the.minutes that's considered a pending.assessment okay I love doing this.pending assessment okay if this special.assessment has been levied or pending as.of the effective date if it's disclosed.by seller could be paid in installments.possible it's paid in installments this.is an important box right here okay if.you check buyer or leave a blank the.buyer is responsible for any installment.paying payments from closing date.forward if you check seller it must be.paid in full prior to closing or as part.of the closing I am always checking.seller whether I know of one or not I am.always checking seller but you can rest.assured that the seller just can't be.devious the seller can't be deceptive.and just not tell you about it okay if.special assessments levied or pending.exist as of the effective date and have.not been disclosed above seller shall.pay such assessments in full.so if they don't tell you they're paying.that automatically okay and this.survives the contract so if you find out.after closing that there was an.assessment that was already on the.agenda it's been in discussion for a.year you can go back and sue the seller.for that assessment okay.if after effective date this is where it.gets tricky if after the effective date.a special assessment comes up that was.not pending remember pending was in.quotes so it wasn't discussed any time.prior to effective date the seller shall.pay all amount to do before closing date.and buyer shall pay all amounts to do.after so at that point it becomes a.mutual problem and seller takes care.before closing buyer takes care after.closing that makes sense.a special assessment shall be deemed.levied for purposes of this paragraph on.the date this special assessment has.been approved as required for.enforcement pursuant to the blah blah.blah the condo docks that's considered.levied but it's pending as soon as it's.brought up in a meeting okay any.questions I mean it doesn't matter it's.pending because it was brought up and.this is the exact paragraph so the.question was it's been discussed at a.meeting but they don't have a final.number how would you handle that.number one I'd reference to the listing.agent that pending in quotes it's a.defined term pending okay is considered.an item on the agenda or reported in the.minutes of the Association within 12.months so if it was talked about it was.on the agenda or its reported in the.minutes for the Association which are.published every homeowner or every condo.owner in that Association has the right.to see those okay it becomes subject to.this right here so if you don't know the.amount what you can do is take an.estimation.or write up a separate addendum because.they're disclosing at this point you're.having a conversation about it you're.having a dialogue about a an assessment.that's coming okay you can either have.money withheld in place left in escrow.with the title company or make an.agreement that the seller will pay that.past closing to the association but then.the negative with that is then you're.gonna have to sue them if they don't so.at that point I would take an estimation.or an average number between the range.and have it put in escrow as part of an.addendum that's fine it's complicated.it's complicated if this the seller the.seller has the right to ask the.management company or the condo.association for a copy of the minutes.for the past year okay that's in the.condominium act from from from.management for four cams they have to.give it to them in fact in fact I.believe they're required to give it out.to everyone in a condo as soon as.they're approved or as soon as the.meetings over I believe every condo.owner gets one home owners have to.request it condos get it automatically.okay so the the seller has a right to.get that information and they have an.obligation to provide that information.to the buyer and he knows he's gonna be.subject to something if he doesn't.so as an attorney he should be able to.do that for assessments 35k so in that.circumstance $36,000 assessment to be.paid over three years thousand dollars a.month on top of your assessment fees on.top of your association fees that's.where these boxes come into play if you.checked off buyer the seller is paying.those thousand dollar per month up to.closing and then the buyer is paying the.rest if you hit seller 36,000 or the.balance.of will be deducted from sellers.proceeds and paid a closing but that.will also come back if it's already been.levied it is in the works or it's been.imposed where people are paying pieces.of it that'll come back on the estoppel.so you're gonna know about those from.the title company yes.you check paid fee you can get an.estoppel however the estoppel will not.tell you if there's one pending only if.it's been levied no I mean correct.correct you had a question just say they.put 500 on the first one and they put a.thousand on the second one that's.possible they could do that but then.your buyer is assuming that my.association assessments are 1500 months.that would be not in the best interests.of the stellar it would red flag for the.buyer saying oh I thought was 500 it's.1500 and they would think that's forever.in perpetuity you know that wouldn't be.something that they would believe is a.special assessment for a short term.there's no order right whether if it's.for the thirty six months that's where.it would go it would go into this.section right here the disclosure of.that would say thirty six thousand.dollar assessment over 36 months to end.such-and-such a date no to be honest.with you I actually the estoppel fee I.don't think is refundable unless they.did not provide the report.the seller has to pay correct the seller.usually pays out anyways no they're only.fees they can get back our title and.title and lien search yeah they can they.can deduct that from the escrow before.it's refunded if there are hard costs.associated with it yes it is.it has depends on the circumstances a.lot of times we'll have for example like.a survey will have the survey paid.directly by the buyer or will have an.estoppel we'll have a credit card.authorization from the seller to order.the estoppel depending on the.circumstances we do have credit card.authorization forms at the title company.here if we have a hard cost prior to.closing that sometimes we do the.authorization and just hold it and we'll.pay for it we'll do it at closing or we.will actually charge it and go through.depending on the circumstances who they.are what the cost is etc but there is a.cap on the amount of an estoppel fee and.there is also a time frame that they.must answer we can cancel that and have.it removed most title companies don't.order that until inspections over no.they don't because that because most.deals die in the inspection period when.if they're going to die the most of them.die during inspection period okay.condo condo association disclosure also.includes a requirement for the seller to.provide the buyer with a copy of the.rules and regulations homeowners.association as we mentioned does not.have that so you can check off one box.or the other either that the buyer.already has the rules and regs or its.familiar or doesn't want them or that.the buyer would like a copy of them in.which case the seller is obligated to.provide them.to the buyer and give the buyer three.days not including Saturdays Sundays and.legal holidays to review those documents.and cancel if they don't like something.in there yeah.remember homeowners association does not.include that one this is the buyer.requesting a copy of the association.documents or not requesting them if.there is a cost to get them the buyer.will pay for the cost to get them okay.any other questions about the condo.addendum yeah I leave it blank and ask.the seller.that's the listing you do to complete.that I'm just gonna touch on this real.quick the homeowners association.addendum specifies the name of the.community the assessments and any.special assessments here that's really.it.no questions about rules and regulations.they're all public records you can go.get them and find them on your own good.luck that's pretty much what it says.okay this is only for a disclosure and.its nature not necessarily to be held.within control and this is satisfactory.disclosing that there's an association.what the costs are that's the.requirement public records for the.county that they're located in I had to.find the ones for my association three.weeks ago it was very hard but I found.them I wouldn't I mean it's not it's not.enforceable because it's not subject to.a condo association if I'm a listing.agent and you give me both I'm only.gonna sign one and I'm gonna cross it.out on the addenda sheet I would.initialed because it's not it shouldn't.be part of the contract if you want them.to have any way to get out if you're on.the buyer side and you want to have any.type of relocation of the contract.because of something in the homeowner.association don't even include it do you.know why as soon as they sign this.they're accepting as soon as they sign.submit this you're accepting this.satisfactory part a disclosure summary.if the disclosure summary required by.section bla bla bla has not been.provided to the prospective purchaser.before executing this contract the.contract is voidable by buyer delivering.to seller written notice of the buyers.intention to cancel within three days.after receiving this closure summary.this is the disclosure summary this.satisfies the disclosure summary so if.they sign this they're accepting if they.don't once they receive this they have.three days so you have time to find the.association documents we're always going.to request it if there's an HOA because.it's part of our legal duty to have this.eventually but it doesn't have to be.done as part of the initial contract.it's a little tricky right but the.bylaws are also public record so they.can get that at any time if they went to.look at a house they can go look them up.understand your listing agents gonna ask.you for this they're going to or they're.gonna write it up and send it back to as.part of the counteroffer but it does buy.you a little bit of time okay do your.due diligence ahead of fun okay any.other questions regarding contract.and/or addenda that we have reviewed or.contract in general.

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Ohio Estate Contract Form FAQs

Read the below common problems about Ohio Estate Contract Form . Speak to directly if you still have other queries.

Need help? Contact support

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 do you fill out a W2 tax form if I'm an independent contractor?

A W-2 is a record of employment earnings. Independent contractors issue W-2 forms for their employees. An independent contractor would not receive a W-2, because the independent contract is not an employee.

Is a contract valid without earnest money?

Is a real estate contract still enforceable if no earnest money was exchanged? In British Columbia, Canada, the answer is yes — as long as it was executed under seal (which standard contacts are).

How can I fill out Google's intern host matching form to optimize my chances of receiving a match?

I was selected for a summer internship 2016. I tried to be very open while filling the preference form: I choose many products as my favorite products and I said I'm open about the team I want to join. I even was very open in the location and start date to get host matching interviews (I negotiated the start date in the interview until both me and my host were happy.) You could ask your recruiter to review your form (there are very cool and could help you a lot since they have a bigger experience). Do a search on the potential team. Before the interviews, try to find smart question that you are Continue Reading

How should I fill this contract form "Signed this... day of..., 2016"?

As others have pointed out, the first blank is for the numerical date of the month, and the second blank is for the month. BUT I HAVE A MORE IMPORTANT ISSUE TO DISCUSS WITH YOU. If English is not your native language, you have to be extremely careful about signing any contract that is written in English. You should never sign a contract you do not fully understand. The best thing for you to do is to consult a lawyer before you sign the contract. If you cannot afford a lawyer, at the very least you should show the contract to several friends who are very fluent in English.

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

How do I fill out the form of DU CIC? I couldn't find the link to fill out the form.

Just register on the admission portal and during registration you will get an option for the entrance based course. Just register there. There is no separate form for DU CIC.

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