By Mark Warda
Consultant is helping you recognize the nice print in genuine property contracts, so that you can shield your rights and negotiate the easiest phrases. comprises pattern contracts, pertinent criminal details, ready-to-use types, federal and native legislation and necessities, thesaurus of phrases, and extra. Softcover. DLC: owners and purchasers--United States--Popular works.
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Additional resources for Essential Guide to Real Estate Contracts
The full purchase price shall be $__________ payable as follows: a)Deposit held in escrow by ______________________ $_________ b)New mortgage or deed of trust to be obtained by Buyer _______________________________________ $_________ c)Subject to [ ] , or assumption of [ ] mortgage* to ___________________________ with interest rate of _____%, payable $___________ per month, having an approximate balance of....................... $_________ d) Mortgage* and Note to be held by seller at ___% interest payable___________________ for ______ years in the amount of....
Most people do not even question many of the terms in a printed form. They read just what is typed in the blanks. If a form contract says that the seller pays for the termite report they would not question it. If the form says the buyer pays and you cross it out and type in “Seller,” they will scream. For this reason you might want to have your contract typeset as explained in Chapter 1, page 3. At the end of this book there are five contract forms. One of these should be suitable for any normal situation.
The chance of having problems like this can be lessened by having someone more knowledgeable assist the person you are dealing with. Some investors even insist that the other party get a lawyer or that they sign a paper stating that they know they should have one but have decided against it. Of course, if the offer is really outrageous the attorney or other advisor might convince the person not to sign it. 36 BASIC CLAUSES 7 The minimum that a real estate contract must contain to be legally enforceable is: l identification of the parties; l description of the property; l clear terms of payment; l some consideration, such as a deposit; and l an offer and an acceptance.