Clean up code in the Real Estate Purchase Agreement

Aug 6th, 2022
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How to clean up code in the Real Estate Purchase Agreement

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on todays video Ill be showing you my presentation that I did at the Big Island Real Estate conference where I talk specifically about how to actually find the deal through a method that you can do if you have no money and a lot of time to go find a deal I go pretty in depth in this video so make sure you watch till the end and if you havent already make sure you subscribe and hit that like button it really helps me get this video out to more people [Music] hows it going everybody my name is Stacy Johnson and Im thankful that Raquel went over more of an overview because Im going to pretty much dive deep into how to actually find the deal so she had just find the deal were going to go pretty deep into it what are we going to learn today so today were going to talk about how somebody who has not a lot of money but has a lot of time can really get started in real estate investing through whats called driving for dollars were going to learn how to identify potential Investments a

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Content of a purchase agreement The identity of the buyer and seller. A description of the property being purchased. The purchase price. The terms as to how and when payment is to be made. The terms as to how, when, and where the goods will be delivered to the purchaser. Signatures of both parties.
The purchase price: State the price the parties have agreed on for the purchase of the property or product. Type of payment: State how the buyer will pay the seller for the product or property. Payment can be in cash, shares, financing, etc. Terms of delivery: Write when and how the seller will supply the product.
The agreement must also state the price, the method of payment, any tax and insurance provisions, the type of deed to be used, all liens and encumbrances, any conditions of sale, and when title and possession will be delivered.
First and foremost, a purchase agreement must outline the property at stake. It should include the exact address of the property and a clear legal description. Additionally, the contract should include the identity of the seller and the buyer or buyers.
How to Create an Addendum to a Real Estate Contract Step 1 Review the Original Purchase Agreement. Step 2 Define the Desired Additions or Changes. Step 3 Draft the Addendum. Step 4 Obtain Both Parties Signatures. Step 5 Attach the Addendum to the Original Purchase Agreement. Step 6 Distribute Copies.
No matter the format, an option to purchase must: 1) state the option fee, 2) set the duration of the option period, 3) outline the price for which the tenant will purchase the property in the future, and 4) comply with local and state laws.
An appraisal contingency gives the buyer the right to back out if a professional property appraisal comes in lower than a specified minimum. A financing contingency (or mortgage contingency) gives the buyer time to obtain a mortgage and the right to cancel if financing is denied.
The Five Elements of a Contract Offer. Acceptance. Consideration. Capacity. Lawful Purpose.

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