VIEWS: 29 PAGES: 4 POSTED ON: 6/28/2011
CLAUSES May 4, 2010 – replaces .wri file 1. BUYERS MORTGAGE BROKER TO PROVIDE SELLER A PRE-APPROVAL LETTER FOR THE AMOUNT IN CLAUSE 2 (c) WITHIN 24 HOURS OF ACCEPTANCE / SELLER SIGNING CONTRACT. 3. THE SELLER AGREES TO PAY $???% OFF THE PURCHASE PRICE TOWARDS BUYERS CLOSING COSTS AND PRE- PAIDS. 3. BUYER TO PAY A $300 MLS FEE. 4. BUYER TO PAY KELLER WILLIAMS A $495 PROCESSING FEE. 5. THIS OFFER IS CONTINGENT UPON THE BUYER READING AND SIGNING THE SELLERS DISCLOSURE WITHIN 3 DAYS OF EFFECTIVE DATE. 6. THIS OFFER IS CONTINGENT UPON THE BUYER RECEIVING A COPY OF THE COVENANTS WITHIN 3 DAYS OF EFFICTIVE DATE, EITHER BY EMAIL OR A HARD COPY. 7. BUYER RESPONSIBLE TO PAY AN ANNUAL CDD FEE OF $1,200.00 8. SALE IS CONTINGENT UPON THE SELLER BEING RELEASED FROM ALL DEFICIENCIES AND NO FURTHER MONIES WILL BE DUE, NOW OR IN THE FUTURE. 9. SELLER HAS NO ADDITIONAL FUNDS TO PROVIDE AT CLOSING. Buyer(s) forfeit three thousand dollar ($3,000) escrow deposit to sellers if buyer(s) cannot secure loan commitment thirty (30) days from effective date. 4. BUYER(S) FORFEIT FOUR THOUSAND DOLLAR ($4,000) ESCROW DEPOSIT TO SELLERS IF BUYER(S) CANNOT SECURE LOAN COMMITMENT TEN (10) DAYS FROM BANK APPROVAL. 5. BUYER TO DEMONSTRATE PROOF OF FUNDS WITHIN 5 DAYS OF EFFECTIVE DATE. 5. BUYER TO DEMONSTRATE PROOF OF FUNDS TO SETTLE LEIN WITHIN 5 DAYS OF EFFECTIVE DATE. 6. BUYER(S) SOLELY RESPONSIBLE FOR HAVING ANY AND ALL UTILITIES TURNED ON FOR INSPECTIONS OF SAID PROPERTY. Buyer(s) are solely responsible for having any and all utilities turned on for inspections of said property. Addendum to convert to a lease/purchase transaction… 1. THIS IS NOW A LEASE/PURCHASE TRANSACTION. 2. THE BUYER AGREES TO PLACE IN ESCROW A $5,000 NON-REFUNDABLE DEPOSIT ON OR BEFORE APRIL 16, 2010. THESE MONIES SHALL BE RELEASED TO THE TRUST/SELLER ONLY IF THE BUYER DEFAULTS TO CLOSE BEFORE JUNE 30, 2010, INCLUDING FINANCIAL DEFAULT. THESE MONIES SHALL BE RELEASED BACK TO THE BUYER IF THE SELLER OR BANK DEFAULTS TO CLOSE IN ACCORDANCE WITH THE CURRENT TERMS AND CONDITIONS. 3. $1,200 OF THE $5,000 DEPOSIT SHALL BE CONSIDERED TO BE A SECURITY DEPOSIT, WHICH SHALL BE PRO- RATED BACK TO THE BUYER, DEPENDING ON THE CONDITION THAT THE HOME IS RETURNED BACK TO THE SELLER, IN THE EVENT OF DEFAULT BY EITHER PARTY. 4. ALL MONIES SHALL BE HELD BY FLAGSHIP TITLE, 2244 GREEN HEDGES WAY, SUITE 101, WESLEY CHAPEL, FL 33544 – TEL: 813. 875.1200 (STACY OR REBECCA). 5. ALL ACCUMULATED RENT MONIES SHALL BE APPLIED TOWARDS THE SUCCESSFUL CONCLUSION OF THIS TRANSACTION, IN PRIORITY OF (i) ANY SHORTFALL TO THE BANK/S, (ii) TO MAKE-UP REDUCTIONS IN REALTORS COMMISSIONS OR (iii) BUYERS CLOSING COSTS. 6. AT THE SUCCESSFUL CONCLUSION OF THIS TRANSACTION, THE $5,000 DEPOSIT SHALL BE APPLIED EXCLUSIVELY TOWARDS THE BUYERS CLOSING COSTS. As-Is contract - add... 4. ESCROW DEPOSIT TO BE MADE TO ESCROW AGENT WITHIN 2 DAYS OF SELLER/S SIGNING THIS CONTRACT. 4. ESCROW DEPOSIT TO BE MADE TO ESCROW AGENT WITHIN 2 DAYS OF EFFECTIVE DATE. Page 2 of 2 - " Seller contributes to buyers closing costs - A... SELLER SHALL PAY 3% OF THE PURCHASE PRICE FOR BUYER'S CLOSING COSTS, PRE-PAIDS AND OTHER EXPENSES. Seller contributes to buyers closing costs - B... SELLER SHALL PAY 6% OF THE PURCHASE PRICE FOR BUYER'S CLOSING COSTS, PRE-PAIDS AND OTHER EXPENSES. AS IS... BUYER ACCEPTS THE PROPERTY AS IS WITH RIGHT TO INSPECT WITHIN 5 WORKING DAYS OF EFFECTIVE DATE. SHOULD THE NON-COSMETIC REPAIRS (BACKED BY WRITTEN QUOTES) EXCEED $20,000 THE BUYER RESERVES THE RIGHT TO WITHDRAW FROM THIS CONTRACT. Transaction broker reduced commission... IF SMILEY & MARLENE PAPENFUS SELL THE PROPERTY ALONE, WITHOUT THE CO-OPERATION OF ANOTHER LICENSED REAL ESTATE PROFESSIONAL, BROKERAGE FEE WILL BE 5%. Owner using me to sell & buy... Smiley & Marlene Papenfus are to be the selling agents for client’s purchase of property at the conclusion of sale. Transaction to be completed within 6 months. No claim against buyers... SELLERS AGREE TO RELEASE BUYERS OF ANY AND ALL CLAIMS OR DAMAGES RELATED TO A CANCELLED TRANSACTION. FHA... MUST HAVE FHA ADDENDUM CHECKED, PRINTED & ATTACHED. "Seller(s) will pay 3% of the purchase price towards Buyer(s) closing cost, pre-paids at closing. Chris Shumaker I have always used this wording and I would add one additional item..............that is "up to _%...................." The 3% isn't usually a problem, but often times these days, the buyer asks for, and often gets the seller to agree to more than 3%. The problem can happen that they won't qualify for as much as they are requesting......ie. The mortgage company won't allow the seller to contribute more than _%. This happens more often with the larger percentages common in today's market......or, the buyer is hoping to qualify for a loan program that allows _% and then changes the loan because of better conditions, loan company changes etc. If you say up to you won't have to redo the contract to please the mortgage company before closing, should this be an issue. If I am representing the buyer, I am going to do my best to make sure every dollar amount is used...somehow. If I am representing the seller, it gives him the extra $ back if the buyer isn't allowed to use all that was negotiated. I just had a closing where my buyer got $2,000 additional credit at closing, as the amount agreed to was more than the lender would allow the buyer to get!!!! Marie Shine Short Sale... Closing date - SEE ADDITIONAL TERMS 1. THIS CONTRACT IS SUBJECT TO BANK APPROVAL AND THE LENDER NOT PURSUING A DEFICIENCY JUDGMENT Page 3 of 2 - " AGAINST THE SELLERS. 2. CLOSING DATE WITHIN 14 DAYS OF ALL LENDERS AGREEING TO TERMS OF THIS CONTRACT. 3. THE BUYER ACCEPTS THE PROPERTY AS-IS. 4. SELLERS AND BUYERS AGENTS TO EACH GET 50% OF SALES COMMISSION. Seller agrees to pay 2.5% ($6,375.00) of the purchase price towards buyers closing costs. Should there be a surplus, it must be paid out to the buyer on the day of closing. Separate letter... (not necessary) Buyer's daughter and son-in-law are the tenants who currently have occupancy of the property and are well satisfied with the condition of the property. Their satisfaction satisfies the buyer’s requirements for the condition of the property. Seller and buyer have agreed that the property is in acceptable and good condition as is. Tenants rent of $1,400.00 is to be prorated on the day of closing and a check is to made out to "Misty Feist", who is the buyers daughter, or used towards the closing costs if the $6,375.00 mentioned above is insufficient The security deposit of $1,200.00 is to be returned to the buyer’s daughter, "Misty Feist", from proceeds of the sale or used towards the closing costs if the $6,375.00 mentioned above is insufficient. ------------------------------------------ Lease/Purchase Buyer will deposit a $5,000 non-refundable deposit with the seller’s title company, to be held in non-interest bearing account. Should buyers for any reason not close, funds will immediately be distributed to seller. At closing, $5000 will be credited towards buyers closing costs. Should the closing not occur on closing date, the $5,000 escrow deposit shall be forfeited by the buyer and issued to the seller. Buyer may close on property any time prior to closing date with 30 days notice to seller. Monthly payment of $1,300 is due on the first of each month of which $200 per month is to be credited to buyer at closing. $5,000 escrow deposit must be paid in full within 8 months. New Contract Buyer agrees to sign additional lease agreement with seller. xxxx date date of occupancy. Closing to take place on or before xxxxxxxx date. Additions to lease: $1,800 deposit of security collected at time of lease shall be credited towards $5000 Tennant shall have the right to extend his lease for 60 days past the closing date if a delay in closing occurs due to no fault of his. Page 4 of 2 - " Upon tenant purchasing the property the lease becomes null and void. Tennant may void lease by purchasing property. Tennant authorizes to check credit prior to acceptance of lease. Name and SS number Any improvements to property must be approved by landlord. Contract is contingent on sale of buyer’s home located at xxxxxxx Buyer may not close on the property prior to xxxxxxx Transaction broker commission... If Smiley & Marlene Papenfus sell the property alone, without the co-operation of another licensed real estate professional, brokerage fee will be 5%. Owner using me to sell & buy... Smiley & Marlene Papenfus are to be the selling agents for client’s purchase of property at the conclusion of sale. The transaction is to be completed within 6 months. No claim against buyers... Sellers agree to release buyers of any and all claims or damages related to a canceled transaction.
Pages to are hidden for
"CLAUSES"Please download to view full document