BUYERS PACKET 1. Anti-Fraud Disclosure-F0601 (6/20/16) 2. Agency Disclosure for Buyers and Sellers (7/2017) 2 per packet 3. ALTA, Consent to Disclosure of ALTA Settlement Statement 4. Purchase Agreement- FO200 (1/2018) 5. VA/FHA Addendum to Purchase Agreement-FO265 (1/2016) 6. Exclusive Buyer Agency Agreement –FO292 (5/2016) 7. Affiliated Business Disclosure-FO401 (1/2018) 8. Privacy Protection, CBSHOME–FO508 (9/2015) 9. Release of Confidential Information- FO294 (8/2008) 10. Dual Agency Limited Agreement-FO291 (1/2017) 11. Buyers Net Sheet-FO259 (1/2017) 12. Counter Offer From Buyer to Seller-FO530 (10/2011) 13. Purchase Agreement Addendum F0011 14. Flood Insurance Reform, Buyers-FO512 (5/2014) 15. Tax Explanation for Buyers, Douglas /Sarpy County-FO316 (4/2013) 16. For Your Protection: Get a Home Inspection. 17. Earnest Money Receipt-FO522 (1/2011) 18. NLTA Recommended Verbiage for “Seller Paid” Costs 19. Property Inspection Resolution Addendum-FO424 (9/2015) 20. Escrow Closing Information-FO006 (1/2017) 21. Explanation of a Sanitary & Improvement District-FO058 (1/2002) 22. CBSHOME/Best (BHHS Talking Points Flyer) 23. CBSHOME Insurance Flyer 24. HomeServices Lending Flyer 25. Vendors List 26. Utilities Card 27. Lead Based Paint Booklet 28. Miscellaneous Vendors Flyers
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BUYERS PACKET - CBSHOME Intranetweb1.cbshome.com/resources/intranet/html/downloads/forms/pdfforms... · BUYERS PACKET 1. Anti-Fraud ... and promote the buyer’s interests A written
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Because you are going to be involved in a real estate transaction where money is changing hands, you are a potential target for cyber-criminals. These sophisticated criminals could:
If you receive any electronic communication directing you to transfer funds or provide nonpublic personal information, even if that electronic communication appears to be from CBSHOME Real Estate Company, do not respond to it and immediately notify CBSHOME Real Estate Company. Such requests, even if they may otherwise appear to be from CBSHOME Real Estate Company, are likely part of a scheme to defraud you by stealing funds from you or using your identity to commit a crime. To notify CBSHOME Real Estate Company of suspected fraud related to your real estate transaction, contact: [email protected] or 402-697-4020. I acknowledge the above information:
WhenCBSHOMERealEstateworkswithanUnrepresentedSellerCBSHOME Real Estate, when representing Buyer, provides allstatutoryservicesanddutiesrequiredofaLimitedBuyer’sAgenttotheBuyer-Client.WhenCBSHOMERealEstaterepresentsaBuyerandworkswithanunrepresentedSeller,aCBSHOMERealEstateAgentmayperformthefollowingtasksforaSeller–Customer.
a. Present buyer’s offer and provide backgroundinformation, except that required to be confidential,relatingtothebuyer’sabilitytoperform.
b. Review and explain clauses in the PurchaseAgreement.
c. Providemarketdatathatjustifiesthebuyer’soffer.d. Presentsellercounter-offerstothebuyer.e. Assistinthetransactionuntilclosing.
A CBSHOME Real Estate Agent representing a buyer will seekcompensation from the seller,but inadditionat closing,CBSHOMEReal Estate collects a flat fee from Buyer-Clients or unrepresentedsellers, except as otherwise specified in a written agreement oraffected by lender requirements unless otherwise agreed withthe client inwriting.
WhenCBSHOMERealEstateworkswithanUnrepresentedBuyerCBSHOME Real Estate, when representing a Seller, provides allstatutory services and duties required of a Limited Seller’s Agent.WhenCBSHOMERealEstate representsaSellerandworkswithanunrepresentedBuyer,aCBSHOMERealEstateAgentmayperformthefollowingtasksforaBuyer-Customer.
a. Explainthehomebuyingprocess.b. Provideinformationonavailablefinancing.c. Reviewandexplainclausesinthepurchaseagreement.d. Presentofferstothesellerandcounter-offersfromtheseller.
WhenCBSHOMERealEstateworkswithanUnrepresentedSellerCBSHOME Real Estate, when representing Buyer, provides allstatutoryservicesanddutiesrequiredofaLimitedBuyer’sAgenttotheBuyer-Client.WhenCBSHOMERealEstaterepresentsaBuyerandworkswithanunrepresentedSeller,aCBSHOMERealEstateAgentmayperformthefollowingtasksforaSeller–Customer.
a. Present buyer’s offer and provide backgroundinformation, except that required to be confidential,relatingtothebuyer’sabilitytoperform.
b. Review and explain clauses in the PurchaseAgreement.
c. Providemarketdatathatjustifiesthebuyer’soffer.d. Presentsellercounter-offerstothebuyer.e. Assistinthetransactionuntilclosing.
A CBSHOME Real Estate Agent representing a buyer will seekcompensation from the seller,but inadditionat closing,CBSHOMEReal Estate collects a flat fee from Buyer-Clients or unrepresentedsellers, except as otherwise specified in a written agreement oraffected by lender requirements unless otherwise agreed withthe client inwriting.
WhenCBSHOMERealEstateworkswithanUnrepresentedBuyerCBSHOME Real Estate, when representing a Seller, provides allstatutory services and duties required of a Limited Seller’s Agent.WhenCBSHOMERealEstate representsaSellerandworkswithanunrepresentedBuyer,aCBSHOMERealEstateAgentmayperformthefollowingtasksforaBuyer-Customer.
a. Explainthehomebuyingprocess.b. Provideinformationonavailablefinancing.c. Reviewandexplainclausesinthepurchaseagreement.d. Presentofferstothesellerandcounter-offersfromtheseller.
CONSENT TO DISCLOSURE OF ALTA SETTLEMENT STATEMENT
In connection with your real estate transaction, ________________________ (company name) will prepare an ALTA Settlement Statement that itemizes all of the fees and charges that the seller and homebuyer will be responsible for in the real estate transaction. To ensure the accuracy of the information contained in the ALTA Settlement Statement in advance of closing, it is ________________________’s (company name) practice, with the necessary consents, to provide copies of the ALTA Settlement Statement to the seller and homebuyer and their real estate agents and brokers for review. Unless otherwise authorized by law, ________________________ (company name) will not disclose the ALTA Settlement Statement related to your real estate transaction to third parties without your consent. Please complete (consenting party): In connection with the real estate transaction for property located at _____________________________________ (property address), I, _______________________ (full, legal name of consenting party), hereby authorize and instruct ___________________________ (company name) to disclose the ALTA Settlement Statement to the homebuyer and seller and their real estate agents and brokers. The purpose of this disclosure is to effectuate the above-described real estate transaction and this authorization will remain in full force and effect, subject to my right to revoke this authorization in writing at any time, until ____________________ (date certain; no longer than one year). I have been informed that I may refuse to authorize the disclosure of the ALTA Settlement Statement and have had explained to me the consequences of my refusal to authorize release of the information. I have read and understand the terms of this CONSENT TO DISCLOSURE OF ALTA SETTLEMENT STATEMENT and agree to the terms stated herein. A photocopy or facsimile of this authorization will be deemed as valid as the original. Signature: ______________________________________________ Date: _______________ Signature: ______________________________________________ Date: _______________
This is a legally binding contract. If not understood, seek legal advice
_____________________________________________________________________ , as Buyer, makes this Agreement
with CBSHOME Real Estate, and __________________________________________ as Buyer’s specific Limited Buyer’s
Agents (referred to collectively as “REALTOR®”).
1. Purpose of Agreement. The purpose of this sole and exclusive agency agreement (Agreement) is to create a mutual understanding and commitment between the parties to direct and engage the efforts of REALTOR® to locate real property for Buyer to purchase as follows:
a. Residential Property b. Investment Property c. Other: __________________
2. Term of Agreement. This Agreement shall begin ______________________________, and shall continue through______________________________. Either party may terminate this Agreement during the first ______ days from the beginning date, by providing written notice to the other. If Buyer has entered into a Purchase Agreement prior to termination, termination of the Agreement shall not relieve Buyer of the obligation to compensate REALTOR®. 3. Scope of Agreement. This Agreement relates to all properties which may be identified or upon which an offer is made during the term of the Agreement. The Buyer agrees to conduct all negotiations for the purchase of property covered in the Scope of this Agreement through Buyer’s Agent. Buyer and REALTOR® obligations shall be governed by Neb. Rev.
Stat. § 76-2418.
4. Compensation of REALTOR®. In consideration of services to be performed by Buyer’s Agent, Buyer agrees to pay REALTOR®, for services rendered, compensation in the amount of $325.00 (Flat Fee) plus the applicable amounts described in subparagraphs (a), (b), and (c).
a. Property Subject to Listing Agreement with CBSHOME Real Estate. If Buyer enters into an agreement to purchase a property which is subject to a Listing Agreement with CBSHOME Real Estate, no additional compensation shall be paid by Buyer to REALTOR® with the exception of the above referenced Flat Fee.
b. Property Subject to Listing Agreement with another Company. If Buyer enters into an agreement to buy a property subject to a Listing Agreement with any broker other CBSHOME Real Estate, _2.8__% of the purchase price less the amount paid to the REALTOR® by the cooperating broker. By agreement of the Buyer and REALTOR® this amount may be determined at the time of sale.
c. For Sale by Owner. If Buyer enters into an agreement to buy a property not subject to a Listing Agreement,
compensation of $_____________________.
5. Nondiscrimination. Buyer and REALTOR® agree not to discriminate against any prospective Seller because of race, color, sex, religion, familial status, handicap, national origin or sexual orientation.
6. Modifications. No modification of this Agreement shall be valid, unless made in writing and signed by all parties.
7. Transmittal Authorization. The undersigned agree that all documents bearing signatures, initials or other marks of acknowledgment by a Buyer, Seller and/or Broker/agent relating to the real estate transaction contemplated under this Agreement, including offers, counteroffers and acceptances: (1) may be transmitted electronically, and/or may use digital signature technology which is compliant with state UETA and/or federal E-SIGN requirements and will be treated as
originals. This Agreement and any addendums or modifications may be signed in counterparts and such counterparts shall be considered as one document.
8. Entire Agreement. This Exclusive Buyer Agency Agreement constitutes the entire agreement between REALTOR® and Buyer and any prior negotiations or agreements, whether oral or written, are not valid unless set forth in this Agreement.
9. Copies of Agreement. Receipt of a copy of this Agreement is acknowledged.
This is to give you notice that CBSHOME Real Estate Company and CBSHOME Real Estate of Iowa, Inc. both doing business as CBSHOME (together, “CBSHOME”); HomeServices Relocation, LLC; HomeServices Lending, LLC; Nebraska Land Title and Abstract Co.and Wahoo Title, LLC both doing business as Nebraska Land Title & Abstract (together, “Nebraska Land Title & Abstract”); and CBSHOME Insurance, LLC are part of a family of companies (the “Affiliated Companies”), and each may refer to you the services of another. Wahoo Title, LLC is owned 51% by Capitol Title Company. CBSHOME Insurance, LLC is owned 50% by HomeServices Insurance, Inc. (“HSI”). CBSHOME Real Estate Company, CBSHOME Real Estate of Iowa, Inc., HomeServices Relocation, LLC, HomeServices Lending, LLC, Nebraska Land Title and Abstract Co., Capitol Title Company, and HSI are each wholly owned by HomeServices of America, Inc., either directly or through one or more subsidiaries. Because of these relationships, the referral of a customer (including you) by any of the Affiliated Companies to another may provide the referring company, its affiliates, and/or their employees with a financial or other benefit.
In addition, while CBSHOME is not affiliated with HMS Home Warranty, it does have a contractual relationship with HMS Home Warranty pursuant to which CBSHOME advertises and promotes HMS Home Warranty for a fixed service fee.
Set forth below is the estimated charge or range of charges for each of the services listed. You are NOT required to use any of these service providers as a condition of the sale of the subject property or to obtain access to any settlement service.
THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES.
Service Provider Service Provided Charge or Range of Charges CBSHOME Broker’s Commission $325 - $999 plus 6% - 9% of the sales price HomeServices Relocation, LLC
Relocation Services Fees paid by real estate broker
HomeServices Lending, LLC Loan Origination $545 - $1,595 Discount Points 0.0% - 4.0% of the loan amount (optional) Appraisal $395 - $1,000 (fees may significantly exceed this range due to complexity
Lender’s Policy $1.00 - $3.50 per $1,000 of coverage, based on type and total amount (minimum $100); or $75 - $125 if issued simultaneously with Owner’s Policy
Owner’s Policy $1.00 - $3.50 per $1,000 of coverage, based on type and total amount (minimum $100)
Insurance $200 - $2,000 annual premium, depending on the product and associated risk assessments (e.g., age of home, credit score, past claims of the insured, etc.)
HMS Home Warranty Home Warranty $489 - $2,000, depending on property and optional coverages
ACKNOWLEDGEMENT: I/we have read this disclosure form and understand that the Affiliated Companies may refer me/us to purchase the above-described settlement service(s) from one another, and that any such referrals may provide the referring company, its affiliates, and/or their employees with a financial or other benefit.
* In rare cases, your insurance policy may instead be issued by Trident Insurance Agency Company LP or Long & Foster Insurance Agency, Inc., affiliates of HSI, or under another of its trade names. HSI’s trade names include: Edina Realty Insurance Agency, HomeServices Insurance Agency, HomeServices Insurance Georgia, HomeServices Insurance Maryland, InsuranceSouth, Long Insurance Group, PCG Agencies, and PCG Insurance Agency.
This statement is provided on behalf of CBSHOME Real Estate and its core companies: Nebraska Land Title & Abstract & CBSHOME Insurance. At CBSHOME Real Estate, protecting the privacy and the confidentiality of your personal information is very important to us. We value your business and trust you place in us. As a part of our business, we must collect, maintain and use certain personal information about you. To help you better understand how your personal information is protected at CBSHOME Real Estate and its core companies, we are providing you with the following statement, describing our practices and policies with respect to the privacy of your information. In addition to the above core companies, CBSHOME Real Estate is affiliated with CBSHOME Mortgage, and CBSHOME Insurance, a core company, which issues its own privacy protection statement.
Types of personal information we collect • Information we receive from you on applications or other forms including real estate forms• Information about your transaction with us, our core companies, or others• Information we receive from a consumer reporting agency• Information from third parties (such as employers, financial institutions, etc.)
Information disclosure Except as noted below, we will not disclose information about you without your authorization. We may, without your prior consent and only as permitted by law, provide information to: • Our core companies, which are listed above• Unrelated companies with whom we jointly market products and services• Unrelated companies that assist us in processing, underwriting, closing and servicing the purchase or sale of your
house or your loan• Governmental agencies, as required by law• In response to valid summons, court order, search warrant or subpoena, or to protect our legal interests
Federal Notice. The CBSHOME Real Estate family of companies is providing this notice. CBSHOME has title, mortgage, and insurance affiliates that are committed to the highest quality of service. If you choose, however, you may limit the CBSHOME companies from marketing their products or services to you based on your personal information that they receive from other CBSHOME companies, such as your contact and transaction information. (Rest assured, we do not share your financial information with anyone.) Your choice to limit marketing offers from the CBSHOME companies will apply until you tell us to change your choice. • To limit marketing offers, contact us by telephone at (402) 964-4600 or by written correspondence at the address
below.
Information security procedures In order to protect the confidentiality of your personal information, we maintain physical, electronic, and procedural safeguards. We will permit only authorized employees, trained in the proper handling of your personal information, to have access to your information.
Personal information on former customers Our Privacy Protection Policy and information security practices described in this notice apply equally to our current and former customers.
How you can contact us CBSHOME Real Estate can be contacted regarding any question or concerns with regard to this statement by writing to CEO, CBSHOME Real Estate, 15950 W. Dodge Rd, Omaha NE 68118. Property Address: __________________________________________________________________________
__________________________________________ _____________________________________________ Client/Customer Signature Date Client/Customer Signature Date
__________________________________________ _____________________________________________ Client/Customer Printed Name Date Client/Customer Printed Name Date
RELEASE OF CONFIDENTIAL INFORMATION - NEBRASKA
The undersigned client(s) acknowledges the following Nebraska Real Estate Laws and authorizes agent to release the following confidential information:
76-2406. Confidential information, defined. Confidential information shall mean information made confidential by statute, rule, regulation or written instructions from the client unless the information is made public or becomes public by the words or conduct of the client to whom the information pertains or from a source other than the licensee.
76-2417/2418/2419. Seller’s/Landlord or Buyer’s Tenant or Dual Agent. A licensee acting as an agent shall not disclose any confidential information about the client unless disclosure is required by statute, rule, or regulation or failure to disclose the information would constitute fraudulent misrepresentation. No cause of action for any person shall arise against a licensee acting as a Seller’s/Landlord, Buyer’s/Tenant Agent or Dual Agent for making any required or permitted disclosure.
Confidential Information to be released: (Please check where appropriate.) Client agrees that CBSHOME and its agents may release loan information to the
Seller in order to further the process of buying or selling real property. Other: _________________________________________________________________ Release limited to the following persons: _____________________________________ _____________________________________ ____________________________________ Client Date _____________________________________ ____________________________________ Client Date _____________________________________ ____________________________________ Agent Date FO294 (Revised 08/08) 1 of 1
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F0291 (01/2017) Page 1 of 2
This is a legally binding contract. If not understood, seek legal advice.
CBSHOME REAL ESTATE
LIMITED DUAL AGENCY AGREEMENT
This limited Dual Agency Disclosure pertains to the property located at:
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ADDENDUM
This addendum is in addition to and becomes a permanent part of Purchase Agreement dated
on the property known as: Address: ___________________________________ ______________________________ BUYER SELLER ___________________________________ ______________________________ BUYER SELLER ___________________________________ ______________________________ DATE DATE ___________________________________ ______________________________ WITNESS WITNESS
F0011 Revised 3/29/00)1 of 1
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F0513 Revised 05/2014 1 of 2
What a Seller needs to know about current developments in Flood Insurance Law First, it is important to know whether your property is in a Special Flood Hazard Area! You may check with your insurance agent and also review local and federal governmental resources: http://cityofomaha.org/planning/component/content/article/226 http://www.fema.gov/ The Flood Insurance Reform Act of 2012 extended the National Flood Insurance Program (NFIP) for five more years but sought to phase out discounts and grandfathered rates for flood insurance while attempting to bring rates up to market value. Due to concerns over skyrocketing premiums, Congress passed the Homeowner Flood Insurance Affordability Act of 2014 (HFIA). The HFIA serves to eliminate the immediate application of full market-based rates upon the sale of a property or a new policy. The law prevents the increase of a rate of more than 18% for a primary home and more than 18-25% for a second home. Policyholders may be able to receive a refund of premium if it was in excess of the capped rate. New owners will be able to assume a prior owner’s policy at its existing rate, and certain properties will be “grandfathered” for older rates even if the property is remapped into a different flood zone (assuming the property is built to code). However, newly mapped properties will be subject to rate increases. As a current homeowner in a Special Flood Hazard Area rates are going up, however, they will not be going up as high was originally possible. You will be able to keep any subsidized rate, subject to capped increases, you currently have on your PRIMARY residence and a Buyer will also be able to assume that subsidized policy as well at time of sale. On any non-primary/secondary residence, if you have a subsidized rate, it will go up 25% per year until your rate reaches the true market rate – this change began January 1, 2013. Remember, flood maps do change – and remapping is being done all over the country. If you have been recently placed into the a Special Flood Hazard Area, you may be eligible for a lower-cost Preferred Risk Policy (PRP), if you act within two years of the revised flood map’s effective date. Check with your insurance agent or local government officials. How might this impact the sale of my home? Due to the HFIA, Buyers concerns should be lessened as they will be able to assume your current policy and its ceiling on rate increases. However, in all circumstances it appears that the rates will continue to increase over time until they hit market rate. Check with your insurance agent to find out whether your rate is subsidized. Buyers will likely have to provide an elevation certificate to their insurance company prior to obtaining a final quote for flood insurance. This process can take up to six weeks (more or less will depend upon the volume of requests and staffing levels at FEMA), so it makes sense to begin the process at the time you list your home for sale, rather than waiting until a purchase offer is accepted, so a shorter closing period is possible.
F0513 Revised 05/2014 2 of 2
Buyers whose lenders require flood insurance will, when comparing homes, consider the total cost of ownership, which may have an impact upon the amount they can afford or choose to pay for properties in the flood plain, if the market rate of flood insurance for the property will substantially increase from the existing, subsidized rate. However, these concerns should be lessened through the implementation of HFIA. This form contains an overview of the must current legal developments as to its subject matter as of the date written. Each property has its own unique circumstances and the above only provides a sampling of the law and is not intended to be a complete or specific as to your property. For more information, contact your insurance agent and/or refer to the FEMA website at: www.floodsmart.gov/floodsmart/
F0316 (Revised 04/13) Page 1of 1
NOTICE TO BUYERS REGARDING DOUGLAS AND SARPY COUNTY
URBAN REAL ESTATE TAX PRORATION
In Douglas and Sarpy County, Nebraska, the taxes on urban residential real estate are
paid in the year following their assessment. Stated another way, real property taxes
levied and assessed in 2012 are paid in 2013. The year in which the taxes are paid is
called the year in which the taxes become delinquent. For example: the 2012 real estate
taxes are delinquent if not paid in 2013. Therefore, if you purchase a home in 2013, the
taxes, which are paid or prorated, are the 2012 taxes. This is, and has always been, the
local custom and the way your purchase agreement and closing statement are prepared.
Real estate taxes are not known for the current year until approximately mid
September. At that time, the County Commissioners send the County Assessor the tax
rate, which is expressed in a percentage form. The County Assessor then prepares the tax
statement by multiplying the tax rate by the full-assessed valuation of the property. The
result is the amount of taxes on the real estate, which will be due. Tax statements for the
current year are not produced until mid December, and mailed out at the end of each year.
The first half of those taxes become delinquent the following April 1st and the second
half of the taxes become delinquent on August 1st.
Since the real estate taxes are not known, or capable of being computed with any
degree of accuracy until very late in the year, it has been the custom and practice in
Douglas and Sarpy County to prorate the real estate taxes for the year in which those
taxes would become delinquent if not paid.
For any further questions please contact the proper taxing authority for your county.
In Douglas County, call 402-444-7272 and in Sarpy County call 402-593-2138.
I have read the above statement and have received a full explanation in detail from my
agent. I understand how real property taxes are set forth on my purchase agreement and
U.S. Department of Housing OMB Approval No. 2502-0538 and Urban Development (HUD) (exp. 06/30/2006) Federal Housing Administration (FHA)
For Your Protection: Get a Home Inspection Name of Buyer(s)
Property Address:
Why a Buyer Needs a Home Inspection Radon Gas Testing
A home inspection gives the buyer more detailed The United States Environmental Protection Agency information about the overall condition of the home and the Surgeon General of the United States have prior to purchase. In a home inspection, a qualified recommended that all houses should be tested for inspector takes an in-depth, unbiased look at your radon. For more information on radon testing, call the potential new home to: toll free National Radon Information Line at 1-800-
SOS-Radon or 1-800-767-7236. As with a home • Evaluate the physical condition: structure, inspection, if you decide to test for radon, you may
construction and mechanical systems; do so before signing your contract, or you may do so • Identify items that need to be repaired or after signing the contract as long as your contract
replaced; and states the sale of the home depends on your • Estimate the remaining useful life of the major satisfaction with the results of the radon test.
systems, equipment, structure and finishes
Appraisals Are Different From Home Be an Informed Buyer Inspections
It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every
An appraisal is different from a home inspection. respect. You have the right to carefully examine your Appraisals are for lenders; home inspections are for potential new home with a qualified home inspector. buyers. An appraisal is required to: You may arrange to do so before signing your
contract or may do so after signing the contract as • Estimate the market value of a house; long as your contract states that the sale of the home • Make sure that the house meets FHA minimum depends on the inspection.
property standards/requirements; and• Make sure that the house is marketable.
FHA Does Not Guarantee the Value or Condition of Your Potential New Home
If you find problems with your new home after closing, FHA cannot give or lend you money for repairs, and FHA cannot buy the home back from you.
I/we understand the importance of getting an independent home inspection. I/we have considered this before signing a contract with the seller for a home. Furthermore, I/we have carefully read this notice and fully understand that FHA will not perform a home inspection nor guarantee the price or condition of the property.
I/We choose to have a home inspection performed.
I/We choose not to have a home inspection performed.
Earnest money for the Purchase Agreement dated ___________, for the following Property: ____________________________________________________________________________
(Select relevant section below):
was to be tendered upon the occurrence of certain terms and conditions, as follows, which have now occurred______________________________________________________________ ___________________________________________________________________________________________________________________________________________________________.
was to be tendered directly to ____________________________________________.
Below is receipt of the earnest money being tendered by Buyer, in accordance with the terms of the contract:
On this ______ day of ___________________, 20____ received from:
Buyer or ___________________________________________________________________, the sum of _________________________________________________Dollars ($____________________________) (by_____________________) to apply to the purchase price of the Property on terms and conditions as stated in the Purchase Agreement above referenced. This receipt is not an acceptance of the offer or the removal of any contingency in the contract.
_______________________________________ _______________________________________ NAME of Recipient Company AGENT NAME or Other Company Recipient Representative (e.g. CBSHOME Real Estate Company) ________________________________________ __________________________________________________ OFFICE ADDRESS AGENT’S Or Other Recipient Representative's SIGNATURE _____________________ _____________ __________________ ______________________ BROKER CODE # PHONE# AGENT CODE # HOME PHONE #
Seller Paid Costs
It was brought to our attention that some Agents are unsure of exactly what wording to
use when asking for seller paid costs. So we are here to help you! See below for the
correct wording to use so that your buyer may utilize the entire amount of Seller paids.
1) If you are going to use a percentage (%), please make sure that you say "seller to
pay up to 3% of purchase price toward buyer's closing costs, pre-paids, points,
escrows, insurance, pro-rated taxes, prorated and future HOA dues, BAC Fee/Flat
Fee and inspections.
*NOTE: Make sure that you put "3% of purchase price''. Some agents are
leaving out the "purchase price" and are only saying "3% of closing costs".
This means just that, 3% of closing costs. So if your buyer's closing cost are
only $4,500.00, the seller will only have to pay $135.00.
2) If you are going to use an amount than the sentence should read as follows:
Seller to pay up to $4,000.00 towards buyer's closing costs, prepaids,
points, escrows, insurance, pro-rated taxes, pro-rated and future HOA dues,
BAC Fee/Flat Fee and inspections.
***NOTE: You do not have to include the BAC/Flat fee in there if you don't want to. But
if you think that we might be short of using all the costs, then you have to have that
written in there or we cannot use it. The BAC fee is NOT a closing cost, prepaid, etc., it is
a commission paid by the buyer at closing.
We hope this is helpful to all of you! We are just trying to help you make the most of your
buyers closing! Remember, you can always stop by and see us if you have questions! We
are here to help and there is never a dumb question! We may have dumb answers, but what
do you expect from us, we have to stay humorous to stay sane!!!
KEY: *NOTICE: All Mandatory items must be checked off before a commission check is issued.
EXPLANATION OF A SANITARY AND IMPROVEMENT DISTRICT ("SID")
Residents new to the SID system frequently ask questions about how an SID operates and what purpose they serve. Here is a basic explanation of what a Sanitary and Improvement District is and how it functions. A Sanitary and Improvement District or "SID" is an alternative land development method. An SID is a public entity formed to aid land developments which fall outside the city. An SID ceases to exist when the city make a determination to include the SID as a part of the city. This can happen in a few years or can take much longer, depending on the financial stability of the SID and the city's determination. In most instances, a land developer borrows money to construct sewers, common grounds and other amenities. They also borrow money to finance the short term operating expenses. These costs are recouped when the lots are sold and the "Special Assessments" covering these improvements are collected. In the SID system, the developer often borrows money by selling municipal bonds and warrants. The cost of the improvements and operations are repaid by principal and interest payments on the bonds and warrants. These payments are funded over a number of years by the homeowner. A planning board governs the SID. The board is responsible for planning and maintaining the financial well being of the subdivision, including setting the tax rate. It does not make laws or pass ordinances. New board members are elected every two years. Each homeowner gets one vote for the SID members. All SID members are residents of the subdivision with one member serving as chairman and one as clerk. Any homeowner living in the SID is eligible to run for the board. An SID usually has two phases. In the first phase, normally lasting 2-3 years, the developer owns most of the land. It is common for the developer to sit on the board during that time. When the subdivision is close to completion and most of the homes are occupied, the board then consists of residents of the community. SID board meetings are open to the public. The SID members are there to listen and respond to their neighbor's concerns and suggestions. NOTE: This document is not intended as a legal analysis of SID law. For more specific legal advice on SIDS, please contact your attorney. F0058 (Revised 1/10/02)
1 Revised 09/2015F0424
PROPERTY INSPECTION RESOLUTION ADDENDUM
(F0424) This addendum is in addition to and becomes a permanent part of Purchase Agreement
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