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Video instructions and help with filling out and completing Paragraph 2 of the one to four family residential contract resale
Instructions and Help about Paragraph 2 of the one to four family residential contract resale
Hi everyone so this and this video we're gonna be going over the one to four family residential contract now we have here our buyer Joe buyer and he's already found the right home and he's would go ahead and submit the contract so we're gonna walk through the contract in here under number one the parties to the contract or Sally seller and Joe buyer the legal description of the property and I pulled that from real list you can see right here legal description lot 21 block to Crossroads Park section one lot 21 block to Crossroads Park section one now sometimes lenders are picky and do require that you disclose what section the home is in so right here just go ahead and and put section one in the city of Houston and the county of Harris also known as 12 506 Matt way court this house price in the under a you're gonna go ahead and put the down payment amount in this case Joe buyer is putting $30,000 down that is gonna we're gonna be required to submit a third party financing addendum and he's gonna be financing $200,000 for a total sales price of two hundred and thirty thousand dollars now before it's gonna require that you disclose if you're licensed agent and you're representing a spouse parent or child or a business entity in which you hold more than ten percent Interest so go ahead and disclose that if that applies to you and this is both on the buyer side and the selling side so if your buyer's agent and you're representing a buyer a spouse parent child or any business that you hold 10% of just go ahead and submit that earnest money most ages are going to require that you put at least 1% know the sales price in earnest money in this case Joe buyer is putting down $2,000 of earnest money with Texas American title company as the escrow agent we're gonna head and submit their address 2500 West Loop South Suite 500 buyer shall deposit a dishonest money in this case he's not going to deposit additional money Tata policy and survey this is completely negotiable between the buyer and seller more times than not the seller is gonna pay for it again complete negotiable and under Jo buyers case we're gonna go ahead and ask the seller to pay for it with the with Texas American title where the earnest money is going to be held the standard printed exception as to discrepancies conflicts shortages in an area or boundary lines encroachments or protrusions or overlapping improvements will not be amended or deleted from insider policy or will be amended to read shortages in area at the expense of the buyer or seller in this case you want to select will be a minute to read and since it's a buyer benefit we ask the buyer to select it again completely negotiable under survey any.