PURCHASE AGREEMENT (9 page) – This purchase agreement is a type of legal document outlining the different conditions and terms that are related to the sale of a house. It creates a legally binding contract between the buyer and the seller.
SELLER FINANCING ADDENDUM TO PURCHASE AGREEMENT – This seller financing addendum outlines the terms at which the seller of the property agrees to loan the money to the buyer in order to purchase their property.
SUBJECT TO ADDENDUM TO PURCHASE AGREEMENT – When Buying a house subject too all existing liens and loans. This is taking ownership (changing title) of a property, while leaving existing loans and liens under the original sellers name.
MEMORANDUM OF CONTRACT – Also known as a memorandum of understanding, is a formal business document used to outline an agreement made between two separate entities, groups or individuals. A (MOA) usually precedes a more detailed contract or agreement between the parties.
OCCUPANCY ADDENDUM – This Addendum is intended to grant Seller a license to remain in possession of, and use, the Property after the Close Of Escrow. It is intended for short-term occupancy (i.e. less than 30 Days).
GENERAL RELEASE FORM – A General Release is used by an individual claimant (the “Releasor”) to release all claims against another individual or company (the “Releasee”). This type of form can be useful for settling a claim for minor damage to property.
ASSIGNMENT OF CONTRACT ASSIGNEE – An assignment of contract occurs when one party to an existing contract (the “assignor”) hands off the contract’s obligations and benefits to another party (the “assignee“). Ideally, the assignor wants the assignee to step into his shoes and assume all of his contractual obligations and rights.
AGREEMENT AND DECLARATION OF TRUST – A declaration of trust under U.S. law is a document or an oral statement appointing a trustee to oversee assets being held for the benefit of one or more other individuals. The document or statement also contains details of the trust’s purpose, its beneficiaries, and how it will be managed by the trustee.
ESCROW AUTHORIZATION – An escrow agreement is a contract that outlines the terms and conditions between parties involved, and the responsibility of each. Escrow agreements generally involve an independent third party, called an escrow agent, who holds an asset of value until the specified conditions of the contract are met.
AUTHORIZATION TO RELEASE PROPERTY INSURANCE INFORMATION – Authorization Form means the form or other document, as prescribed by the plan administrator and as amended from time to time, used to evidence an election by an eligible shareholder of the corporation to participate in the plan.
AUTHORIZATION TO INSTALL A PROPERTY FOR SALE SIGN – This form will serve as authorization by the current property owners, All open house and yard sale signs may be used during duration of agreement period for marketing purposes.
AUTHORIZATION TO INSTALL A KEYSAFE OR LOCK BOX – Upon execution of the “User Agreement” Holder will be granted a revocable license to use the Key in connection with the Holder’s normal and customary activities while acting as a real estate agent, appraiser or normal due diligence of property, on the terms and conditions set forth in the referenced User Agreement.
LENDER QUESTIONS– There are literally 1000’s of people that want to give you their money to buy a house. It’s important to determine if they are the correct lender for your business model. You will need to know the answers to these questions.
1ST 6 PACK– Go 30 minutes early to a seller appointment. Lets get some research done. Go into the appointment with some understanding of the area. This also a terrific way to let folks in the area know you buy houses.
2ND 6 PACK– Stay 30 minutes after a seller appointment. Get some post research done. Tell some potential sellers you just signed an agreement in their neighborhood. Ask this question… have you ever thought of selling?
Forms and Processes
CONTRACT CLOSE INSPECTION– A final walk through and inspection of the property, before close is a guarantee you will be buying the house in the same condition as it was when you place it under agreement.
STATEMENT OF IDENTITY AND INFORMATION– It’s always important to have your escrow company pull both yours and the sellers statement of identity. There could be a financial “something” in either your or your sellers back ground that might change how this deal plays out. If found out to late could kill the deal.
EMPLOYEE QUESTIONNAIRE– At least once a year you should ask your employees what they think of the company as a whole. Keep in mind, these people run your company. Who better to help processes run more smoothly through giving their opinion.