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3 QUESTIONS

Posted on: Mon, 08/22/2011 - 16:09
3 QUESTIONS

1. Earnest Money: Is that the same as a/the downpayment?
2. Do you HAVE to do a downpayment? (for an assignment deal)
3. On the website: 2 contracts "Purchase & Sales Agreement; Agreement to Purchase. Two totally different documents...which one should I use for which deal? Cash or financed?

Thanks....more to come Smiling

Sincerely,

Linda

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"...be; not greedy for money....but eager to serve"
1 Peter 5:2


Posted on: Tue, 08/23/2011 - 06:47 #1
3 questions

1. Earnest money is not the same as a down payment. It is part of the contract

2. You do not need a down payment when you are doing an assignment contract. You assign the contract to an end buyer and they will be responsible for the contract.

3. The contract I like to suggest using is the purchase and sales contract.

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Posted on: Tue, 08/23/2011 - 12:27 #2
eroberts

Thanks.... more questions please....the Purchase and Sale Agreement can be used for both seller to me and me to end buyer, correct? Now under 1. on that that contract it talks about loans A & B..if it's cash this section isn't used, correct? just XX it out? Can this contract be used with the "Subject to" option as well?

That's it for now. Can I write you with more questions as they arise?

Thank you so much.

Linda

__________________

"...be; not greedy for money....but eager to serve"
1 Peter 5:2


Posted on: Tue, 08/23/2011 - 17:17 #3
if you're

assigning the contract, keep a-b and use assignment contract for b-c

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Posted on: Tue, 08/23/2011 - 19:44 #4
reinvestor42

thanks for the comment...i do know about the assignment document...my question on the Purchase and Sale Agreement is section #1 Earnest money yada yada yada, then describing 2 loans A & B. What would I use that for if it's a cash deal.

Also, the Agreement to Purchase contract seems very wordy and old in appearance...is it still being used? or should I just get new one from my RE Agent?

Thanks for the reply.

Linda

__________________

"...be; not greedy for money....but eager to serve"
1 Peter 5:2