agreement that must be signed when representing both sides of the transaction. This agreement will typically change your fiduciary duties to each party. Check with your broker about the state laws and requirements.
Sale and Purchase Contract
Your buyer will agree to an offer price, and if all goes well, your seller will agree to that offer. The offer will be filled out on your broker's "As-Is Contract for Sale and Purchase" document. If the seller disagrees with the offer, they can counter-offer a price they will accept. If the buyer doesn't agree to the counter-offer, they can counter the counter-offer. Let's hope they've finally agreed. The buyer and seller have agreed, and both parties have signed the contract. The buyers' side of the process continues while the sellers' side is temporarily on hold.
Earnest Money Deposit
On the buyers' side, they must make an "Earnest Money Deposit" to the title company, typically chosen by the seller. The title company will hold that deposit in an escrow account and put it towards the "buyers' balance" at closing unless one of the parties backs out of the deal. If so, it will be given to the appropriate recipient.
Inspection
After the EMD is deposited to the escrow account, you will have your buyer hire an inspector to inspect the property. The inspector will formulate a report showing anything wrong with the property. Once the buyer receives that report, they will decide whether to move forward with the purchase, request repairs, or get a credit and change the offer price.
xxx
Powered by FlippingBook