Contracts
Who normally pays for escrow fees in a contract?
What is both the buyer and seller split evenly
Explain to me the buyers rep
what is- your explanation
we are pending whats next
what is opening title, title commitment sent out, Earnest turned in, then inspection
What is the Finance Contingecy and Why do I have you write it in as the buyer for as close to closing as possible?
What is the money terms, and so we can fall out of contract without giving up earnest money up until 1-2 days prior to close
Richs favorite color
What is GREEEN
Should you have the late acceptance signed upon sending your offer on the contract?
What is NO!
Are you required to get an RE-5 to show a home?
what is NO - an RE-5 is in no way a contractual agreement
House has peeling paint and loan is FHA, what is next?
ask seller to paint homes affected area, buyer takes risk and pays to paint homes affected area, or exit contract
Are ring door bells personal or permanent property when not wired into the wall but remote and mounted to a removeable bracket
what is they are permanent property- see section in contract explaining property
This new year, what are you most excited for
what is your answer
Explain what a contingency is
What is something required to clear or pass for the contract to continue moving forward through mutual agreement
What is a re-10
What is - repair and release of inspection/repairs form
Appraisal came in low what now
What is, you can pay the difference of the appraisal in cash OR you may exit the contract OR they can accept a lower price and match you
explain permanent property
anything bolted, anchored, or built into the property or home
Is all mold bad mold?
What is NO- there is household molds and black mold. Many household molds look black but are not toxic and that is what is usually found in crawl spaces. Prior to panicking its black mold tell your client this is often found in crawls and easily treated and easy to ask to be treated.
Does the interest rate in the offer on a contract really matter and why?
What is YES- if the interest rate is higher than the rate typed into the contract they can exit contract without paying you earnest money before the finance contingency is up
I want to write multiple offers on homes until one gets accepted
What is NO- that is Double Contracting- very illegal
Seller is refusing to repair a appraisal required item
What is exit contract
Does land purchases have an inspection? if so what is it for and what is it normally called instead of inspection with land ?
What is yes, and to do test dig holes, check electric pulls, check for sewer and septic or do test holes, and check boundary lines. Usually this with land is called due diligence period
List of 3 things that you need to improve on this year
what is your answer
normal amount of days to request for inspection timeframes
WHAT IS NONE- you request what you need, there is no norm
What is an appraisal fee and why cant the seller pay it
What is they can pay it but they are already paying for so much they will likely decline. Appraisal fee is the opinion of an appraiser stating the overall value of the home which must match or be above the value of the offer.
You (realtor) forgot to check the inspection time frame and didnt have inspection done in time now what
what is- do inspection and you as realtor are now responsible for all repairs your buyer wants as seller is no longer liable to repair outside of timeframe
Name 3 places in the contract you can exit the deal if written right to protect your client
what is finance contingency, interest rate percentage, inspection period, expired or not accepted on time with no late acceptance acknowledged and no counter, no preapproval- state they didnt get preapproved within 10 days (dont do this lol), appraisal is lower than offer
TEAM RESPONSE - What things are you hoping to get from the team in 2025?