How to Fill out a Real Estate Purchase and Sale Agreement | Tutorial

To day, I’ll show you video How to Fill out a Real Estate Purchase and Sale Agreement | Tutorial

Hey guys Cody Sperber the Clever Investor back again and today I want to show you something that is absolutely crucial to any real estate investing business which is purchase and sale contracts.

Now before I show you how to fill out these contracts what you’re going to want to do is download them using the link below so that you can follow along. Okay let’s dive in.

Purchase & Sale Agreement Download + Free Contracts
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These contracts are arguably the most important things to understand if you’re a real estate investor. You need to make sure that your contracts protect you the real estate investor that way you don’t get stuck in a bad deal or lose out on a deal altogether. To do this we put special terms in the contract.

The very first paragraph in here is for both the buyer and seller information. REMEMBER DO NOT put your own address in this paperwork. Use a P.O. box so that nobody actually has your personal information. Now for the seller you are going to want to use their mailing address. Not the actual address for the property.

Now in section 2 is where you are going to put the property address along with the APN number. This is to ensure that there is no miscommunication.

In section 3 you are going to determine what the purchase price is for the property. You will also use this section to declare the earnest deposit for the property and the remaining sum after the earnest deposit.

Section 4 is basically just declaring the escrow agent you’re going to be working with.

Section 5 is now setting the timeline for when that deal is going to close by.

Section 6 is saying that they need to hand over the keys to the property upon close of escrow.

Section 7 is basically just getting insurance, claims history, rent roll, etc.

Section 8 is where you can save your butt. This is your escape clause. What it’s saying is that up until 24 hours of close of escrow, I (the real estate investor) can back out of the deal if I don’t seem it fit because maybe the inspection report came back with a bunch of issues (or I can’t find a buyer).

Section 9 is just stating that we are real estate investors and they might be selling for less than market value.

Section 10 is saying that if anyone fails to comply with the contract it will be enforced and they will have to pay any attorney fees and things like that.

Section 11 is basically just enforcing what needs to happen when we close this deal, close escrow and get basic info about how much is still owed on the property.

Section 12 just states that they cant get any other offers on the house.

Section 13 isnt super important it just says that they will give you the property in a “neat and clean condition”

Section 14 is important because it gives us the right to pre-market the property to sell or rent out.

Section 16 is important if you are a real estate agent. It basically states that you aren’t acting as an agent in the transaction. It declares whether you are a real estate agent or not and the last section is stating that we are NOT giving you a loan in any way shape or form.

Section 17 says that we are going to clear any existing liens on the property and receive clear title.

Section 18 is your assignment clause. This gives you the right to assign this agreement to a third party.

Section 20 is saying that the buyer is responsible for all closing cost. This is our hook to the seller.

Section 22 is all legal language. The only thing you need to change is the state in which you are conducting business in.

The last section is for you to declare. It’s any additional term you want to put in there.

Alright guys I hope that helps you guys out.

DROP a COMMENT about what you thought about this video & what you wanna see next..until next time..

– Take care, comb your hair..
Cody Sperber, Clever Investor OUT! 😎

#CodySperber #CleverInvestor #PurchaseAndSale
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ABOUT CODY:
Cody Sperber is a real estate investor, cryptocurrency investor, social media influencer, and entrepreneur from Arizona that has successfully flipped over 1000 houses and is currently one of the largest investment educators in the world. He’s been featured in Forbes, INC, Entrepreneur, Buzzfeed, and Huffington Post as well as on multiple episodes of Million Dollar Listing Los Angeles.

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How to Fill out a Real Estate Purchase and Sale Agreement | Tutorial uploaded in 2020-10-25 00:13:13 by Clever Investor