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How to Save Real Estate Purchase Contract

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I will avoid having to pay the IRS this year I will save real cash 57 000 for buying this house why are more people not getting in real estate what the fudge are you doing whats up brother how you doing good how are you I just realized we are now you got me Im nervous oh yeah I watch your show all the time oh you do my favorite flipping show yeah oh really yeah [Music] one of the ways I learned how to get into real estate was watching other people get into real estate So today were going to be walking through a property that we just bought on an executory contract that will convert to a sub 2 deal now this is the real deal episode so this is a real deal the address is 26.37 you get you always get people talking crap saying oh got another Guru that doesnt do the business okay well heres the address I have to cut all that out why we cant Im not supposed to say addresses YouTube hates it we get banned okay what if I just show it I cant say it out loud but heres the address can y

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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How do you write a contract between seller and buyer?

How do I write a Sales Agreement? Specify your location. Provide the buyers and sellers information. Describe the goods and services. State the price and deposit details (if applicable) Outline payment details. Provide delivery terms. Include liability details. State if theres a warranty on the goods.

Does earnest money really matter?

Earnest money can protect a home buyer if something is wrong with a property, and also the seller if you simply want out of the deal. Going the extra mile with a Verified Approval or an earnest money deposit can also prove to a seller that youre serious about your offer, making your offer stand out from other buyers.

Whats the purpose of the earnest money deposit quizlet?

Earnest money is a deposit made to a seller showing the buyers good faith in a transaction. Often used in real estate transactions, earnest money allows the buyer additional time when seeking financing. Earnest money is typically held jointly by the seller and buyer in a trust or escrow account.

Who gets earnest money when buyers back out?

If the buyer decides to cancel the sale without a valid reason or doesnt stick to an agreed timeline, the seller gets to keep the money. These are the most common ways a buyer will lose their earnest money. Adhering to an agreed schedule is very important when it comes to buying and selling a home.

How do you write a contingency clause?

A contingency clause often states that your offer to buy property is contingent upon X,Y, Z. For example, the contingency clause may state, The buyers obligation to purchase the real property is contingent upon the property appraising for a price at or above the contract purchase price.

Who keeps earnest money?

The earnest money may be held by the sellers real estate broker, but the money may also be held in escrow by a third-party title company, lawyer, or bank. The purchase and sale contract specifies where the deposit is held.

Whats the purpose of the earnest money deposit?

Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a home. In most cases, earnest money acts as a deposit on the property youre looking to buy. You deliver the amount when signing the purchase agreement or the sales contract.

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